Retail REIT Invests $263M in Florida, VirginiaTuesday, October 23, 2012
Excel Trust Inc., a San Diego real estate investment trust focused on the retail sector, said it acquired six shopping centers for about $263 million.
Five of the shopping centers are in the Orlando, Fla. area, with four of the five wholly owned, Excel said. The firm said it has a half ownership stake in the remaining center.
The centers are about 96 percent leased and the weighted average household income in a three-mile radius is $127,286, the company said.
The other shopping center is in Richmond, Va. and includes 339 apartment units. The retail portion is about 80 percent leased, and includes some 35,000 square feet entitled but not constructed, the company said. The average household income in that three-mile radius is $106,356, Excel said.
Since Excel’s initial public offering in 2010, it has acquired $1.1 billion in assets, said CEO Gary Sabin.