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.

|

Located at the corner of Hulen Street and Overton RidgeBoulevard across from Hulen Mall, 5000 South Hulen Shopping Centeris 94.3% leased to 19 tenants, according to the REIT’s SEC filings.In addition to Barnes & Noble, it is also anchored by Old Navy.Other tenants include Justice for Girls, Kirkland's, Jamba Juice,Cold Stone Creamery, Edible Arrangements and PortraitInnovations.

|

The property, which was developed by a joint venture betweenlocal investors The Woodmont Co. and Corrigan Properties, generates$1.9 million of annualized base rent, according to SEC filings.Excel Trust assumed a $15.2 million loan with a 5.6 percentinterest rate that matures in 2014.

|

Excel Trust is targeting community and power centers, groceryanchored neighborhood centers and freestanding retail propertiesfor acquisition. It prefers anchored shopping centers with 70% to75% national credit tenants and long-term leases.

|

It already has one additional Texas property under contract,according to its SEC filings: Plaza at Rockwall Phase I, a334,027-square-foot power center anchored by J.C. Penney and BelkDepartment Store. The REIT will pay $35 million for thethree-year-old property.

|

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.