Excel Trust has acquired The Promenade in Arizona for around $110 million. The San Diego-based real estate investment trust has also taken over the existing mortgage of about $52.2 million, which is scheduled to mature in 2015.
The shopping mall, which is 97% leased, is anchored by Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart and Old Navy. California-based Lucescu Realty represented the seller, adds GlobeSt.
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