LUCESCU REALTY announces the sale of Deer Springs Town Center Shopping Center in Las Vegas, NV for $50.5 million. Deer Springs Town Center was developed by Regency Centers. LUCESCU REALTY represented the interests of the seller and procured the buyer, Stoltz Real Estate Partners.
LUCESCU REALTY announced today the sale of multiple phases of Tracy Pavilion Shopping Center in Tracy in the Central Valley of California for an aggregate price of $31.97 million. The sale involved multiple selling entities. LUCESCU REALTY represented the interests of the sellers and procured the buyer, Excel Trust, a publicly-traded real estate investment trust, located in San Diego, Calif.
LUCESCU REALTY negotiated the sale of Lake Pleasant Pavilion Shopping Center in Peoria, Arizona for $41.75 million. LUCESCU REALTY exclusively represented the interests of the seller, Kornwasser Shopping Center Properties, a private development firm, headquartered in Los Angeles, and procured the buyer, Excel Trust in San Diego. This is Excel's second acquisition in the Valley.
Lucescu Realty has sold the class A office property, Promenade Corporate Center, for $56 million to Excel Trust. The transaction marks the second half of a larger deal involving the Scottsdale Promenade, for a total consideration of $166 million. The promenade's retail component was acquired by Excel Trust in the third quarter of 2011 for $110 million.
LUCESCU REALTY represented Regency Centers in the sale of Anthem Highlands Shopping Center in Las Vegas, Nev. The property is a neighborhood shopping center and anchored by Albertsons and CVS/pharmacy and includes Bank of America, Wells Fargo Bank, Pizza Hut, Starbucks and Subway. The buyer was Excel Trust.
Lucescu Realty has opened a new regional office in Phoenix, AZ to better serve its clients; and Lucescu Realty's sale of The Promenade in Scottsdale, which closed on July 11, marks one of the largest shopping center sales ever recorded in Arizona. The sale price was $110 million. Lucescu Realty represented the seller, a local private investor, and procured the buyer, Excel Trust of San Diego.
Lucescu Realty has closed, or currently has in escrow, approximately $500 million in retail property transactions and has opened a new office in Las Vegas to better serve its clients. Lucescu Realty is one of the most active real estate investment brokerage firms in the U.S. Frank J. Marretti, III, will head up the firm's new Las Vegas office. The company plans to open an office in Phoenix soon.
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