Robert Bush 6:31 p.m., May 18
Local Real Estate Trust Issues New Stock
Excel Trust Inc., a San Diego-based real estate investment company, announced today the issue of 12.5 million shares of stock. The shares will be priced at $10.94 per share, this morning’s opening bell price. Monies raised from the stock sale will be used to repay debt and fund the purchase of The Promenade, a 433,000-square-foot shopping center in Scottsdale, AZ. The company is under contract to buy the center for about $110 million.
The Excel Trust website describes the company as “a retail focused real estate investment trust that targets value oriented community and power centers, grocery anchored neighborhood centers and freestanding retail properties.”