A subsidiary of commercial real estate REIT Excel Trust, Inc. has acquired the Vestavia Hills City Center, a 375,871 square foot retail shopping center located in Vestavia Hills (Birmingham), Alabama.
The Company acquired the mortgage loan that was secured by the Property for approximately $33.5 million in cash.
Major tenants of the Property include Publix Supermarkets, Stein Mart and Rave Motion Pictures. The Company funded the purchase price, which was determined through negotiations between the Company and the holder of the mortgage loan, with the proceeds of the Company’s initial public offering.
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