MIDVALE, UT—California-based Excel Trust has agreed to spend $225.6 million to acquire a portfolio of three retail shopping centers in Utah, one of which it sold immediately.
Mark Lucescu, president of Lucescu Realty announced deal late last week. The sale involved The Family Center at Fort Union in Midvale; The Family Center at Taylorsville in Taylorsville, UT; and The Family Center at Orem in Orem, UT.
The seller was DDR, a Beachwood, OH-based, self-administered and self-managed REIT operating as a fully-integrated real estate company. The buyer, Excel Trust, located in San Diego, is a publicly-traded real estate investment trust that primarily targets community and power centers and grocery anchored neighborhood centers.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
