San Diego Business Journal

REIT Buys Two Shopping Centers for $48.5M

Thursday, December 22, 2011

San Diego-based Excel Trust Inc., which invests in retail-related real estate, has purchased two shopping centers in Tennessee and Nevada for approximately $48.5 million.

The transactions bring the company’s 2011 acquisitions to more than $265 million, Chairman and CEO Gary Sabin said in a Dec. 20 company statement.

The latest deals include The Crossings of Spring Hill in Tennessee, a 496,604-square-foot center with anchors including SuperTarget and Kohl’s, which Excel acquired for approximately $31 million.

In Nevada, it purchased Anthem Highlands in Henderson, with 118,763 square feet and anchored by Albertsons and CVS Pharmacy, for $17.5 million.

Excel Trust, with headquarters in Rancho Bernardo, trades under the symbol EXL on the New York Stock Exchange.

— Lou Hirsh