{"id":1004035992,"date":"2012-01-25T07:22:04","date_gmt":"2012-01-25T15:22:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004035992"},"modified":"2022-12-08T20:15:21","modified_gmt":"2022-12-09T04:15:21","slug":"lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\/","title":{"rendered":"Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale"},"content":{"rendered":"

January 25, 2012<\/strong>
\nBy Nicholas Ziegler, News Editor<\/em>
\n\"\"<\/a><\/p>\n

In a $66 million deal that completes the second phase of the Scottsdale Promenade sale, Lucescu Realty has sold the Promenade Corporate Center to Excel Trust, a publicly traded REIT. In July of last year, the San Diego-based Excel Trust purchased The Promenade<\/a>, a 730,000 square-foot shopping center in Scottsdale, Ariz., in a $110 million transaction.<\/p>\n

Scottsdale Promenade, a 1 million-square-foot, mixed-use project, is one of the largest commercial properties in the Phoenix metropolitan area, located on 84 acres of land. The office component of the space consists of two four-story Class A buildings that total 256,176 square feet.<\/p>\n

In July, Mark Lucescu, president of Lucescu Realty, told Commercial Property Executive that the Promenade is \u201ca flagship property\u201d that is outperforming most other mixed-use centers in the area. \u201cIf there are a handful of properties like this to invest in Phoenix, this is the one you\u2019d want to buy,\u201d he said. At the time of the transaction, \u201cthe property was 100 percent leased [and] had plenty of equity,\u201d he noted.<\/p>\n

According to NAI Horizon, the Phoenix office market, though in the doldrums through most of 2011, is starting to see some upward moves. A three-year run of continued unemployment, coupled with a flight to quality \u2013 which left many properties empty \u2013 left the market battered. But the fourth quarter of 2011 saw the office-vacancy rate drop 40 basis points from the previous quarter, finally resting at 20.7 percent. Rental rates, at year\u2019s end, sat at $20.29 per square foot on average.<\/p>\n

The center\u2019s retail component is anchored by Lowe\u2019s, PetSmart and Trader Joe\u2019s.<\/p>\n","protected":false},"excerpt":{"rendered":"

In a $66 million deal that completes the second phase of the Scottsdale Promenade sale, Lucescu Realty has sold the Promenade Corporate Center to Excel Trust, a publicly traded REIT.<\/p>\n","protected":false},"author":1201,"featured_media":1004038619,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21781,21782,21808,21752,21742,21747],"tags":[],"class_list":["post-1004035992","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate-real-estate","category-development","category-featured","category-mixed-use","category-latest","category-office"],"acf":[],"yoast_head":"\nLucescu Closes Phase Two of $166M Scottsdale Promenade Sale - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale\" \/>\n<meta property=\"og:description\" content=\"In a $66 million deal that completes the second phase of the Scottsdale Promenade sale, Lucescu Realty has sold the Promenade Corporate Center to Excel Trust, a publicly traded REIT.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2012-01-25T15:22:04+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T04:15:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2012\/01\/012512-Promenade-Corporate-Center.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"550\" \/>\n\t<meta property=\"og:image:height\" content=\"350\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nicholas Ziegler\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/\"},\"author\":{\"name\":\"Nicholas Ziegler\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/ff3a837f33daecfcf8978b405eaae20c\"},\"headline\":\"Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale\",\"datePublished\":\"2012-01-25T15:22:04+00:00\",\"dateModified\":\"2022-12-09T04:15:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/\"},\"wordCount\":270,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2012\\\/01\\\/012512-Promenade-Corporate-Center.jpg\",\"articleSection\":[\"Corporate Real Estate\",\"Development\",\"Featured\",\"Mixed Use\",\"News\",\"Office\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/lucescu-closes-phase-two-of-166m-scottsdale-promenade-sale\\\/\",\"name\":\"Lucescu Closes Phase Two of $166M Scottsdale Promenade Sale - 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