LUCESCU REALTY Announces Sale of Lake Pleasant Pavilion Shopping Center in Phoenix Metro for $41.75 Million

NEWPORT BEACH, CA – May 21, 2012 – (RealEstateRama) — Mark Lucescu, President of LUCESCU REALTY, a market leading investment real estate services firm, announced today the sale of Lake Pleasant Pavilion Shopping Center in the City of Peoria in the Phoenix, Arizona metro area for $41.75 million. LUCESCU REALTY exclusively represented the interests of the seller, Kornwasser Shopping Center Properties, a private development firm, headquartered in Los Angeles, California, and procured the buyer, Excel Trust, a publicly-traded real estate investment trust, located in San Diego, Calif. This is Excel’s second acquisition in the Valley. Earlier this year the Company acquired Scottsdale Promenade for $166 million in a deal that was also brokered by LUCESCU Realty