Lucescu Realty Announces 2nd Part of the Sale of Scottsdale Promenade, Scottsdale, AZ to Excel Trust for a Total Consideration of $166 Million


NEWPORT BEACH, CA – January 24, 2012 – (RealEstateRama) — Mark Lucescu, President of Lucescu Realty, a market leading investment real estate services firm, announced today the sale of Promenade Corporate Center for $56 million. The transaction is the second, and final part, of the larger sale of Scottsdale Promenade in Scottsdale, AZ, for a total consideration of $166 million. The initial leg of the sale was during the third quarter of 2011, when the retail component was acquired for $110 million by Excel Trust of San Diego, CA. The closing today represented the office component of the property. Lucescu Realty again represented the seller, a local private investor, and procured the buyer, Excel Trust, a publicly-traded NYSE REIT.

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