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Tuesday, July 6, 2010

A REIT Acquires Properties for $71.7 Million

SAN DIEGO, California - Net Lease News for today is that, Excel Trust, Inc., a retail focused real estate investment trust (REIT), has acquired five more properties for a combined asset value of $71,749,078. The approximate capitalization rate is 8.5% (excluding land for development in Rockwall, TX). Excel Trust has now acquired a total of fifteen properties since its initial public offering (IPO) on April 23, 2010. Some of their most recent acquisitions. are the Plaza at Rockwall. This multi-tenant shopping center has approximately 334,027 square feet of gross leasable area. Built in 2007, the property is anchored by J.C. Penney, Dick's Sporting Goods, Staples, Best Buy and Belk Department Store.
Rockwall, a suburb of Dallas, is the 2nd wealthiest county in Texas and was the 3rd fastest growing county in the nation over the past decade according to the U.S. Census Bureau.
Another acquisition is a Lowe's, in Shippensburg, Pennsylvania. The Lowe's property has approximately 171,069 square feet of gross leasable area. Built in 2009, the property is freestanding retail under a net lease and is adjacent to a non-owned Super Wal-Mart.

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