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EXCEL REALTY TRUST INC. ACQUIRES SCOTTSDALE, ARIZ. GALLERIA MALL FOR $8 MILLION

 PHOENIX, Oct. 4 /PRNewswire/ -- Excel Realty Trust Inc. (NYSE: XEL), a San Diego-based real-estate investment trust (REIT), acquired the 639,900 square-foot Scottsdale, Ariz. Galleria Shopping Center for approximately $8 million following a Maricopa County Superior Court foreclosure sale. The Galleria, which was completed in 1990, represented an investment of approximately $130 million on the part of its owners and lenders.
 According to Gary Sabin, president of Excel Realty Trust Inc., the REIT has leased the property to BG Development Corp., an Arizona-based development company.
 BG Development's 75-year long, triple-net lease calls for the REIT to be paid rental revenues of 12 percent annually or 8 percent of gross subtenant rental revenue, whichever is greater. After five years, the minimum rent is subject to annual CPI increases not to exceed 5 percent per year. In addition to the lease payments, Excel can require BG Development to purchase its interest at any time during the first five years of the lease at a 14 percent compounded increase per year on its investment. Excel may, at its option, acquire up to 50 percent of the leasehold interest at BG's cost of redevelopment of the property. BG's principals have developed over 25 million square feet of retail space including such noteworthy developments as the Forum Shops at Caesar's Palace in Las Vegas, the San Francisco Center and the Beverly Center in Los Angeles.
 The San Diego-based REIT, formed in 1986, began trading Aug. 5, 1993 on the New York Stock Exchange.
 The REIT currently has a portfolio of 98 properties located in 27 states, with several more shopping centers and single tenant retail properties scheduled to close by year end.
 Excel Realty Trust Inc. is headquartered at 16955 Via Del Campo in San Diego.
 -0- 10/4/93
 /CONTACT: Graham R. Bullick, 619-485-9400, ext. 203/
 (XEL)


CO: Excel Realty Trust Inc. ST: Arizona IN: REA SU: RLE

NY-MF -- SD002 -- 8180 10/04/93 09:01 EDT
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Publication:PR Newswire
Date:Oct 4, 1993
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