Excel Trust, Inc., a San Diego-based real estate investment trust, has acquired the 473,640 square foot Gilroy Crossing in Gilroy, CA for $68.5 million according to a GlobeSt.com article. The purchase price was below the roughly $80 million asking price announced by the center's former owner, Lakha Properties-Gilroy, in 2008. Excel Trust funded the purchase price for Gilroy Crossing with a $48.4 million mortgage and borrowings under its unsecured line of credit according to an SEC filing.
"We continue to pursue our strategy of sourcing well located, attractively priced real estate through off market transactions," Gary Sabin, Excel Trust chairman and CEO, said in a statement about the purchase.
Gilroy Crossing, which sits at the intersection of Camino Arroyo and Pacheo Pass Highway, originally opened in 2004 and is currently 99% leased with major tenants including Kohl's, Target, Sports Authority, Ross Dress for Less, Michaels, PetSmart and Bed, Bath & Beyond. The current annual net operating income is approximately $5.3 million.
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