FORT WORTH-Excel Trust Inc. has entered the Lone Star State withthe $21.9-million acquisition of a Barnes & Noble-anchoredshopping center located on Hulen Street.
The 86,831 square foot multi-tenant shopping center, known as5000 South Hulen Shopping Center, is the retail REIT’s fifthacquisition since its IPO in April. The newly-formed retail REIT,which is led by Gary Sabin, former head of Excel Realty Trust Inc.,raised $210 million when it debuted on the New York Stock Exchange,22 percent less than it originally sought.
Excel Trust entered into an agreement to purchase 5000 SouthHulen Shopping Center prior to its IPO. It has already closed onthe acquisitions of Five Forks Place in Simpsonville, S.C.; NewportCenter in Newport, TN; Red Rock Commons in St. George, UT; andExcel Centre in San Diego.
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