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Tuesday, June 1, 2010

REIT Aquires Freestanding Retail Leased To Walgreens

SAN DIEGO, California - A retail focused real estate investment trust (REIT), has acquired five additional properties, Below is a summary of the most recent acquisitions.

One Commercial Real Estate Investment is a Shop 'n Save in Ballwin, Missouri. The Shop 'n Save property has approximately 53,411 square feet of gross leasable area, and was purchased for $8,450,000 at an approximate cap rate of 8.72%. This property is freestanding building, retail, under a Triple Net Lease (NNN) to SuperValu Inc., with its subsidiary Shop 'n Save as the tenant.

A few other Commercial Real Estate properties purchased are Walgreens.
One of the Walgreens is located in Barbourville, Kentucky. The property has approximately 13,650 square feet of gross leasable area and was purchased for a total of $4,212,500 at an approximate cap rate of 8%. This property is a freestanding retail under a bond lease to Walgreens (A+ S&P credit rating).

Another Walgreens purchased is in Corbin, Kentucky, This Walgreens has approximately 13,650 square feet of gross leasable area and was purchased for a total of $4,181,250 at an approximate cap rate of 8%.

One more Walgreens, also located in Corbin, Kentucky near Cumberland Gap Parkway has approximately 13,650 square feet of gross leasable area and was purchased for a total of $3,526,238 at an approximate cap rate of 8%. This Commercial Real Estate Investment is also a freestanding retail investment under a bond lease to Walgreens.

Excel Trust, Inc. is a retail focused REIT that targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties.

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