Excel Announces the Acquisition of Hornell Plaza Shopping Center.SAN DIEGO--(BUSINESS WIRE)--Aug. 3, 1998--Excel Realty Trust Inc. (NYSE NYSE See: New York Stock Exchange :XEL XEL New Carlisle, Quebec, Canada - New Carlisle / via Rail Service (Airport Code) ) today announced that it has acquired the Hornell Plaza Shopping Center in Hornell, N.Y. for a purchase price of approximately $17.6 million. The Center will add approximately 253,000 square feet of gross leasable area Gross leasable area (GLA) in the retail development industry is a term applied to shopping malls, lifestyle centers, outlet malls and other retail centers to indicate the amount of floor space available to be rented. (GLA) and approximately $1.8 million in annualized annualized Of or relating to a variable that has been mathematically converted to a yearly rate. Inflation and interest rates are generally annualized since it is on this basis that these two variables are ordinarily stated and compared. base rent. The center is anchored by Wal-Mart, (128,000 sq.ft.) and Wegmans Grocery (75,000 sq.ft.) and is 98 percent leased. The center was constructed in 1995. Hornell Plaza Shopping Center is the final transaction of a ten-property portfolio acquisition from a single seller, nine of which were announced previously (July 6, 1998). The property is subject to a ground lease, under which the company has the right to purchase the ground for $1.00 in 2015 when the lease terminates. The ground lease payment is approximately $40,000 per year until 2004 and approximately $1,000 per year from 2004 until 2015. Excel Realty Trust is a San Diego-basedreal estate investment trust (REIT REIT See: Real Estate Investment Trust REIT See real estate investment trust (REIT). ) that currently owns and manages 149 properties comprising approximately 16.0 million square feet of gross leasable area in 28 states.
CONTACT: Excel Realty Trust
Graham R. Bullick, 619/485-9400 ext 203
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