Excel Trust to Add $92.5M Center to Portfolio

Excel Trust, Inc. (NYSE: EXL), a retail focused real estate investment trust (REIT), has signed a $92.5M contract to acquire a 739,234 square foot retail shopping center (of which 597,787 is owned) in Stockton, California.

Built in 2004, the center is anchored by Lowe's, Target (non-owned), Kohl's, Sports Authority, JoAnn's Fabrics, Ross Dress for Less, and Bed, Bath & Beyond.

The property includes thirteen single tenant outparcels including Wells Fargo, Bank of America, Starbucks, Panera, Wendy's and Sonic Drive-In. The property is adjacent to the Interstate 5 Freeway, (100,000 vehicles per day) and is currently 99% leased. Stockton is the thirteenth largest city in California and has experienced population growth of over 30% the last decade. The average household income in a three mile radius is estimated to be $83,708 (Source: Claritas, September 2010).