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Lucescu Realty Announces 2nd Part of Sale of Scottsdale Promenade to Excel Trust for $166 Million
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.
Scottsdale Promenade, a 1 million-square-
The office component consists of 2 four-story Class A buildings totaling 256,176 square feet and a 3-level, 800-space parking structure. Located on 84 acres, the entire project, incorporating a total of 1 million square feet, is known by many as the “Gateway to Scottsdale."
“Scottsdale Promenade will be a flagship property for Excel Trust," said Lucescu. “It is one of the most well-known properties in the Phoenix MSA and amongst the most successful mixed-use projects in the western United States."
The transition of this second part to Excel should be a seamless one as they had already assumed management of the entire project when they initially acquired the retail component. “The ownership change should be like the design and flow of the property; seamless and well executed," stated Lucescu. “Pederson Group designed and built a tremendously successful property, and the seller operated all parts of the property in a first class manner during their ownership and Excel will be great, long term, stewards of the property for many years to come."
According to Lucescu in discussing the latest market trends, "We expect core and core plus offerings to continue to garner the greatest demand due to the dearth of available inventory and the surplus of capital pursuing these types of offerings. Class B and C properties will continue to experience declining lease rates due to increasing vacancies and increasing competition from Class A assets as tenants trade up to higher quality locations with similar lease rates."
The sale of Scottsdale Promenade is part of over $400 million of recent and current disposition assignments for Lucescu Realty's local Phoenix office. Last year, Lucescu Realty was recognized as one of the most active brokerage firms in the U.S. in the sale of larger, retail shopping centers, including being the third most active in California transactions and the sixth most active in U.S. transactions.
Lucescu Realty is a market leading investment real estate services firm that uniquely combines major capital markets expertise with a complete and thorough understanding of real estate fundamentals to execute a wide range of services on behalf of its clients. Scope of services include sale transactions, advisory/consulting, debt/equity placement, market research and financial services. Lucescu Realty specializes in individual property and portfolio transactions, on behalf of public and private companies worldwide, involving neighborhood, community, power, and lifestyle centers, regional malls, and suburban and central business district office buildings. The hallmark of Lucescu Realty is its ability to maximize value through its exclusive focus on sale transactions, access to the full spectrum of both public and private investors, intimate local market knowledge through its in-house group of market analysts, tailored marketing strategies, and depth of capital market experience. Lucescu Realty is annually recognized as one of the most active brokerage firms in the United States. Headquartered in Newport Beach, California, Lucescu Realty has regional offices in Phoenix, Las Vegas, and will open an office in San Francisco in the 1st Quarter 2012. For more information, please visit www.lucescurealty.com.