Excel Trust Inc. completed the acquisition of The Promenade, a 729,921-square-foot retail shopping center (of which 433,533 is owned) located in Scottsdale, Ariz., for approximately $110 million.

Major tenants include Nordstrom Rack, Trader Joe’s, OfficeMax, PetSmart, Old Navy, Michael's, Stein Mart, Cost Plus World Market and Pier One Imports, as well as Lowe’s (non-owned) and The Great Indoors (non-owned).

The property is approximately 97 percent leased. Excel Trust assumed the existing mortgage of approximately $52.2 million, which bears interest at 4.8 percent and matures in 2015.

Cole Acquires Camp Creek Marketplace

Cole Real Estate Investments acquired Camp Creek Marketplace, a regional power center in East Point, Ga. for $76.3 million.

Completed in 2003, Camp Creek Marketplace is a class-A, 425,000-square-foot, 93 percent occupied power center.

“Camp Creek is the dominant retail destination within a very large and growing trade area and is at the epicenter of retail activity in the region,” Thomas W. Roberts, executive vice president and head of real estate investments for Cole, said in a statement. “With nationally recognized, high credit-quality tenants, long-term lease commitments, stable cash flow and very little competition in the area, this is exactly the type of multi-tenant retail asset we are targeting for acquisition in our expanding portfolio.”

The roster of major tenants includes BJ’s Wholesale Club, Marshalls, Ross, TJ Maxx, Barnes & Noble, Staples, PetSmart and Old Navy. Other notable tenants include Lane Bryant, H&R Block, LensCrafters, Payless ShoeSource and GameStop. Target and Lowe’s, which were not included in the acquisition, are top drawing shadow anchors at the regional power center.

Thomas Falatko, vice president of acquisitions, represented Cole. Eric Zimmerman and Miles Theodore of Eastdil Secured represented the seller.

M&M Brokers $52M Sale of Philly Power Center

Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has closed on the sale of a 386,016-squarefoot retail power center in Downingtown, Pa. The sales price of $51.75 million represents $133 per square foot.

Kevin Boeve, a vice president investments in the Ontario office of Marcus & Millichap, Mark Taylor, a first vice president investments, and Dean Zang, a vice president investment in the Philadelphia office, represented both parties in this transaction. The buyer was Morris Ashbridge Associates L.P., a Delaware-based limited partnership. The seller was Pacific Crest Holding LLC of Beverly Hills, Calif.

According to Boeve, there were 17 offers on the property, mostly from private partnerships. “This sale indicates that private investors—not just REITs and institutional players—are truly starting to regain confidence in anchored power center segment,” Boeve said in a statement.

The buyer assumed a loan on the property and was completing a 1031 exchange.

The property is anchored by Home Depot, Best Buy, Staples and Bottom Dollar, a grocery store owned by Food Lion. Additional tenants include Christmas Tree Shops, PJ Whellihan’s Pub, PLCB Store, Jo-Ann Fabrics and Crafts, Super Cuts and Tuesday Morning. The site also includes an additional 7,200- to 10,000-square foot pad for future development.

Madison Marquette Acquires Four Naples Properties

Madison Marquette has taken an ownership interest in four Naples, Fla., retail properties, including Mercato, Crossroads Market, Neapolitan Way and Midway Plaza. The acquisitions were made as part of the Madison Marquette Retail Enhancement Fund.

Mercato is a recently built mixed-use destination with upscale residential condominiums built atop 330,000 square feet of retail. Whole Foods anchors the retail space and is joined by other exciting destinations such as Sur La Table, Coldwater Creek, Capital Grille, Ulta, Bravo, and Blue Martini.

Crossroads Markets is a 127,000-square-foot neighborhood center anchored by Publix and Walgreen’s and is located just off the busy I-75 interchange.

Neapolitan Way is a grocery-anchored center that includes 138,000 square feet of retail. It is anchored by Publix and Walgreen’s.

Midway Plaza is a 28,000-square-foot showroom and strip retail center adjacent to Neapolitan Way.

LBG Realty Acquires Nevada Center

LBG Realty Advisors LLC, in partnership with Blue Vista Sponsor Equity Fund II LLC, an affiliate of Blue Vista Capital Management LLC, purchased Southwest Marketplace, a 2007 vintage grocery-anchored shopping center in Las Vegas.

Southwest Marketplace contains 118,284 square feet of existing space, including a 65,400-square-foot Smith’s Food and Drug Store and a Smith’s Gas (a wholly owned subsidiary of The Kroger Co.). Smith’s was included in the acquisition. At closing, the center was 85 percent leased to 18 tenants. In addition to the existing buildings, the 16.76-acre site includes 825 parking spaces and two completed building pads which can accommodate an additional approximately 68,000 square feet of future development.

LBG will be leasing the property and is currently negotiating with prospective anchor tenants for the large development pad as well as shop tenants for the vacant spaces and small development pad thus demonstrating the strength of this Las Vegas submarket. The development is projected to be completed in 2013.

Westwood Financial Sells SoCal Retail Center

Westwood Financial Corp. sold the 56,945-square-foot Brea Center in Brea, Calif., to Gerrity Atlantic Retail Partners LLC, for $14.5 million.

The 1967-built Brea Center, which Westwood Financial owned for 20 years, consists of 20 units and currently is 89-percent leased.

Tenants include Vons, Round Table Pizza, Fullerton Community Bank, Subway, Edward Jones, Dollars Count and Shark Sushi. Preston Fetrow of CB Richard Ellis represented Westwood Financial in the transaction.

Other Notable Deals

Marcus & Millichap Capital Corp. arranged $7.04 million in refinancing for a 24,500-square foot neighborhood shopping center in Philadelphia. James Conley, a director in the firm’s Philadelphia office, arranged the loan. The loan is fixed at 5.5 percent for 10 years. The amortization term is 30 years and the LTV is 72 percent.

Alison Williams, assistant vice president of NorthMarq Capital’s Tampa regional office, and Joel Coykendall, senior vice president of NorthMarq Capital’s Jacksonville regional office, cooperated to arrange first mortgage financing of $2.7 million for an 18,920-square-foot free-standing retail box property occupied entirely by CompUSA in Jacksonville, Fla. Financing was based on a 10-year term and a 25-year amortization schedule and was arranged for the borrower, The Gate Group LLC, by NorthMarq through its correspondent relationship with Protective Life Insurance Co. Protective provided non-recourse debt amortizing on a 25-year schedule for a free-standing CompUSA with 10 years remaining on the lease term.

CB Richard Ellis announced the recent sale of a 10,000-square-foot free-standing Dollar General in Trenton, N.J. CB Richard Ellis' Charles Berger of the firm's New Jersey private capital group in Saddle Brook, collaborated with Eli Klapper and David Gross of the firm's Outer Borough Long Island office to represent the seller and procure the buyer in this net lease sale transaction. Dollar General has a double net 10-year lease in place with two five-year options. Originally built in 1960, with recent gut-renovations made by the seller in 2010, this property sits on a 0.5-acre plot and offers 35-car parking.