Lucescu Realty Announces 2nd Part of the Sale of Scottsdale Promenade in Arizona to Excel Trust for a Total Consideration of $166 Million (2012-01-25)
Lucescu Realty has sold the class A office property, Promenade Corporate Center, for $56 million. 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. The Scottsdale Promenade is a 1-million-square-foot mixed-use project in Scottsdale, Arizona. The seller was a local, private investor represented by Lucescu, who also procured the buyer Excel Trust, a publicly-traded REIT.
