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EXCEL REALTY TRUST INC. ANNOUNCES ACQUISITION OF SHOPPING CENTER IN ASHLAND, OHIO

 SAN DIEGO, Oct. 11 /PRNewswire/ -- Excel Realty Trust (NYSE: XEL) announced the acquisition of a 162,749-square-foot shopping center located in Ashland, Ohio. Excel acquired the property for approximately $7,300,000 based on a capitalization rate of 11 percent. The center is currently 99 percent leased with Wal-Mart, Food Town, a regional grocer, and JC Penney's as anchor tenants. These anchor tenants occupy 84 percent of the center. The center was recently expanded to accommodate the new JC Penney's store. This center represents the third acquisition by Excel in three weeks -- recent acquisitions include the Scottsdale Galleria in Scottsdale, Ariz., and the Irving Center in Irving, Texas.
 -0- 10/11/93
 /CONTACT: Graham R. Bullick, senior VP, Excel Realty Trust, 619-485-9400, ext. 203/
 (XEL)


CO: Excel Realty Trust Inc. ST: California IN: SU: RLE

MF-JB -- SD003 -- 0672 10/11/93 12:17 EDT
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Publication:PR Newswire
Date:Oct 11, 1993
Words:144
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