Excel Trust Buys Manteca Retail Center for $41MWednesday, July 3, 2013
San Diego-based investment firm Excel Trust Inc. has purchased Stadium Center Shopping Center, in the Central Valley city of Manteca, for $41.15 million. The seller was Kitchell Development Co. of Phoenix, according to a statement from brokerage firm Lucescu Realty, which represented the seller and procured the buyer.
The deal included 178,326 square feet of retail space not owned by anchors Costco Wholesale and Kohl’s, within the 421,126-square foot community shopping center. Other anchors include Ross Dress for Less, OfficeMax and Old Navy.
Kitchell was the original developer of the center, built in 2007 on 42.3 acres off state Route 120.
Excel Trust, with headquarters in Rancho Bernardo, is a publicly traded real estate investment trust that invests in retail and related commercial properties. It trades under the symbol EXL on the New York Stock Exchange.
— SDBJ Staff Report