Excel REIT Rounds Out $166M Ariz. Property Deal

Law360, New York (January 24, 2012, 5:48 PM EST) -- Retail real estate investment trust Excel Trust Inc. has purchased a Scottsdale, Ariz., office property for $56 million, completing a $166 million mixed-used property deal, an agent advising the seller said Tuesday.

Newport Beach, Calif.-based Lucescu Realty said Excel had purchased the 256,000-square-foot property from a local private investor. Excel acquired a 1 million-square-foot retail plaza adjacent to the office property, known as The Scottsdale Promenade, in July for $110 million, Lucescu said. 

The identity of the seller was not disclosed. An Excel spokesman said the...
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