Excel announces the acquisition of 5 shopping centers.SAN DIEGO--(BUSINESS WIRE)--April 28, 1997--Excel Realty Trust Inc. (NYSE NYSE See: New York Stock Exchange :XEL XEL New Carlisle, Quebec, Canada - New Carlisle / via Rail Service (Airport Code) ) Monday announced the purchase of five shopping centers located in Chattanooga, Tenn.; Dalton, Ga.; two in Fresno, Calif.; and Thomasville, N.C., for a total purchase price of approximately $38.9 million. The properties were purchased for cash and were acquired at an average capitalization rate Capitalization Rate According to the Appraisal Institute, it is a method used to convert an estimate of a single year's income expectancy into an indication of value in one direct step, by dividing the income estimate by an appropriate rate. of 10.1 percent. All of the centers were built less than four years ago, with three of them newly constructed within the last year. Each of the centers is 100 percent occupied and together will add approximately 420,000 square feet of GLA and approximately $4.2 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. Anchors in these centers include Home Depot The Home Depot (NYSE: HD) is an American retailer of home improvement and construction products and services. Headquartered in Vinings, just outside Atlanta in unincorporated Cobb County, Georgia, Home Depot employs more than 355,000 people and operates 2,164 big-box , Winn-Dixie, PetsMart, Lowes Food, Blockbuster Music and United Artists. The center in Dalton is anchored by a 201,000 square foot super Wal-Mart not owned by the company. The company aided in the development of this center and then sold the Wal-Mart in a previous transaction. The company is adding a new Kmart adjacent to its center in Brooksville, Fla. Gary Sabin Sa·bin , Albert Bruce 1906-1993. American microbiologist and physician who developed a live-virus vaccine against polio (1957), replacing the killed-virus vaccine invented by Jonas Salk. , president of Excel Realty Trust, stated: "These are excellent centers in their respective markets and will complement our core portfolio. This is the first time in over five years the company has purchased properties in California. We are beginning to see opportunities in California, and I anticipate that the company will continue to examine properties there. "We currently have a pipeline of 16 additional shopping centers valued at approximately $200 million that should be acquired within the next 90 days. These centers are primarily located in California, Florida and Nevada," said Sabin. Excel Realty Trust currently owns and manages properties which are primarily neighborhood and community shopping centers, anchored by major retail tenants or single-tenant properties leased to major retail tenants. The company currently owns or manages more than 9.7 million square feet of retail space. CONTACT: Excel Realty Trust Inc., San Diego San Diego (săn dēā`gō), city (1990 pop. 1,110,549), seat of San Diego co., S Calif., on San Diego Bay; inc. 1850. San Diego includes the unincorporated communities of La Jolla and Spring Valley. Coronado is across the bay. Graham R. Bullick, 619/485-9400 ext. 203 |
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