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Friday, February 11, 2011

California Retail Shopping Centers Sold to REIT

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Stockton, California - We have Retail Shopping Center information from California for our Net Lease Properties news tonight. A REIT purchased two retail shopping centers in California for approximately $161 million. The REIT is Excel Trust, Inc. (EXL), the real estate investment trust (REIT) is purchasing predominately retail triple net lease properties. The Excel Trust, Inc. REIT added to their investment property portfolio, Park West Place and Gilroy Crossing.

The first property, Gilroy Crossings is a retail power center that is approximately 473,557 square feet. This retail shopping center is anchored by Target and Kohl's, and has net leases to other prominent Tenants such as Barnes & Noble, Bed, Bath & Beyond, Pier 1 Imports, Michaels, Starbucks, PetSmart, Beverages and More and one of all favorites, Panera Bread. This Premier Power Center is approximately 98% leased. This net leased property has an estimated annual net operating income (NOI) of $5.4 million. This net leased property has an average household income of $81,716 living within a three-mile radius.

The Tenants benefit from a net lease at this property with exceptional Visibility and easy Access from Hwy 101 & the Hwy 152. This area has strong demographics to help power this net leased property. The Excel Trust REIT paid $68.5 million for the Gilroy retail shopping center. The Excel Trust REIT made out nicely on this deal as they were able to assume an existing Commercial Loan.

The second California retail shopping center which was purchased is Park West Place. This retail shopping center, Park West Place is approximately 739,197 square-feet. This retail shopping center is located in the Stockton net lease market. The Excel Trust REIT paid $92.5 million for the retail shopping center in Stockton, California. Retail Shopping Centers are a viable 1031 Exchange replacment property.

The retail shopping center, Park West Place was built in 2004. Kitchell Development Company developed this NNN Commercial Real Estate. The net lease properties market in this Stockton area has suffered from the economic downturn. However, The retail shopping center, Park West Place has flourished. The net leased property is currently about 98% leased. The retail shopping center with Kohl's as an anchor has an estimated annual net operating income (NOI) of $7.1 million.

This retail shopping center has plenty restaurants here and in the area of Stockton. The Retail Shopping Center has Del Taco, Jalapeno’s, Panda Express, Raw Sushi, Round Table Pizza, Wendy's and Subway. The retail shopping center offers a variety of quality net leased Tenants surrounded in a serene, lush ambient setting.

This retail shopping center is anchored by leading national retailers including Kohl's Corp., Lowe's Companies Inc., and Bed Bath & Beyond, Incorporated. The net leased property also has Wells Fargo, Bank of America, Starbucks and another favorite of ours, Sonic Drive-In included as occupants of the 13 single-tenant outparcels. The commercial real estate transaction conformed that Excel receives the entire property. There is one property that is excluded, and that is Target. Target currently owns its building which is approximately 151,023 square-feet.

Park West Place is located at 10742 Trinity Parkway, in Stockton, California. This net leased property has the 95219 zip code as it is in San Joaquin County. The retail shopping center is situated at the intersection of Interstate 5 and Eight Mile Rd. The net lease property is located within the 3,000 acre master planned community of A.G. Spanos Park. This retail net leased property benefits form being surrounded by over 2,800 homes, 308 multifamily units and an additional homes planned. This is a very well built, net leased property that was beautifully designed by Nadel Architects.

Excel Trust has grown its Investment Property portfolio through strategic acquisitions to an approximate value of $412 million. Excel Trust Inc., a real estate investment firm has offices in Rancho Bernardo. The company wisely seeks high-quality regional community centers and grocery-anchored centers, primarily anchored by leading national retailers. Excel Trust has an excellent strategy for net lease properties investing as the try for long-term net leases with their tenants. This investment approach can insulate them from short-term market volatility.

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