Excel Trust Inc., a locally based real estate investment trust, has acquired The Promenade Corporate Center, a commercial office property in Scottsdale, Ariz., for approximately $56 million.
A company statement Jan. 24 said the 256,000-square-foot complex was purchased with a combination of stock and cash. Excel Chairman and CEO Gary Sabin said the property complements an adjacent retail shopping center that the REIT already owns.
The office property is 83 percent leased, with tenants such as Healthcare Trust of America Inc., Meridian Bank, Richmond American Homes and Sankyo Pharma Inc.
Excel Trust, with headquarters in Rancho Bernardo, generally targets retail and related commercial real estate. The company trades under the symbol EXL on the New York Stock Exchange.
-- Lou Hirsh