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SALT LAKE CITY — Excel Trust Inc. (NYSE: EXL), a retail real estate investment trust (REIT), has purchased three shopping centers in the Salt Lake City area from DDR Corp. (NYSE: DDR) for approximately $223 million. The three properties total approximately 1.8 million square feet. “We are pleased to reach an agreement with the team at Excel and appreciate their high level of collaboration to effectuate an off-market transaction that accrues to the benefit of both parties,” says Daniel Hurwitz, CEO of DDR, which is also a retail-focused REIT. According to the two parties, DDR has a desire to exit the Salt Lake City market and Excel wants to expand its presence in a market where it has an established corporate and operating presence. The properties included in the transaction are: · The Family Center at Fort Union · The Family Center at Orem and · The Family Center at Taylorsville As a part of the transaction, Excel Trust has sold The Family Center at Taylorsville to Dallas-based TriGate Capital. LUCESCU REALTY represented Excel in both sale transactions and dealt directly with DDR and TriGate Capital. “We value our relationship with DDR and are pleased to announce this transaction. Utah …

WASHINGTON, D.C. — First Potomac Realty Trust (NYSE: FPO) has acquired a 155,713-square-foot office building in Washington, D.C., for $89 million. The nine-story building is located at 11 Dupont Circle NW in the city’s Dupont Circle neighborhood. The fully leased property houses 15 tenants and 11,692 square feet of ground-floor retail space. Notable tenants include Fresenius Medical Care – Dupont Circle Dialysis, Maggio + Kattar law firm and Books-A-Million. Dupont Circle is known as one of the more vibrant neighborhoods of Washington, D.C., with numerous retail, dining, entertainment and hospitality options. These services are joined by many of the world’s embassies on Embassy Row, including Morocco, Indonesia, Zimbabwe, Uzbekistan, Jamaica and the Republic of Namibia. The office building is also one block from the Dupont Circle Metro station on the Red Line. First Potomac now owns seven high-quality office buildings within the District for a total of more than 1 million square feet. The seller of 11 Dupont Circle was not named. “The acquisition of 11 Dupont Circle continues First Potomac’s strategic initiative to acquire, own and operate high-quality office properties in the Washington, D.C., metropolitan area,” says Nicholas Smith, First Potomac’s chief investment officer. “The property has a diverse …

NEW YORK — Post Properties Inc. (NYSE: PPS) has closed the sale of its Post Luminaria and Post Toscana apartment communities in New York City for a total price of $270 million. Post Luminaria was completed in 2002. The property consists of 138 apartment units and approximately 9,400 square feet of retail space. The property was owned in a consolidated joint venture in which Post held a 68 percent interest. Post Toscana was completed in 2003. The property includes 199 apartment units and approximately 11,700 square feet of retail space. The name of the buyer was not released. Eastdil Secured acted as broker in the transaction. A portion of the net proceeds from the sales was used to prepay $82.6 million of secured mortgage indebtedness encumbering the assets and related prepayment premiums totaling $13 million. After expenses, Post expects to retain $141 million of net cash proceeds from the sales. In the third quarter of this year, Post expects to report a net gain on the sale of the assets of approximately $127 million, or $2.33 per share, and a loss on the early extinguishment of debt of $12.3 million, or $0.23 per share. The loss related to debt prepayment …

TAMPA, FLA. — Parkway Properties Inc. (NYSE: PKY) has reached an agreement to acquire three Class A office properties located in the Westshore submarket of Tampa. Corporate Center I, II, and III at International Plaza, which are adjacent to Parkway's Corporate Center IV at International Plaza, total approximately 974,000 square feet. HFF represented the undisclosed seller in the transaction. As part of the same deal, Parkway has agreed to purchase 19 additional office properties located in six states totaling approximately 2.1 million square feet. The Orlando-based real estate investment trust (REIT) intends to sell these 19 properties, which are not consistent with Parkway's current investment strategy. Parkway plans to sell the assets either concurrently with, or within 12 months after, the acquisition of the Corporate Center assets. Parkway's gross purchase price for the entire portfolio is $475 million. Parkway expects the closing of the portfolio acquisition to occur during the fourth quarter of 2014. The Corporate Center assets have a combined occupancy of 69.7 percent, which is adjusted to reflect approximately 50,000 square feet of known move-outs during the next 12 months. “This transaction is an example of Parkway's ability to creatively structure a deal that will enable us to …

NEW YORK — SL Green Realty Corp. (NYSE: SLG) and its joint venture partner, The Moinian Group, have entered into an agreement to sell 180 Maiden Lane for $470 million. JV Murray Hill Properties and Clarion Partners will purchase the Manhattan office tower. The sale is expected to close during the fourth quarter of 2014, subject to customary closing conditions. “We are very pleased with the outcome of our investment in 180 Maiden Lane,” says Isaac Zion, co-chief investment officer of SL Green. “ It represents the most recent example of what we believe is our unsurpassed ability to find intrinsic value in an asset and to generate significant returns for our shareholders, as evidenced by our internal rate of return on the investment of approximately 16 percent. The monetization of our equity in this transaction will allow us to redeploy capital into other value-creating opportunities.” 180 Maiden Lane is located in the heart of the Financial District with access to all major subway lines. The tower has views of the New York Harbor, Statue of Liberty, South Street Seaport, the East River and Midtown. The building includes a state of the art cafeteria, a four-story glass enclosed atrium and …

BETHESDA, MD. AND COLUMBUS, OHIO — Washington Prime Group Inc. (NYSE: WPG) and Glimcher Realty Trust (“Glimcher”) (NYSE: GRT) have entered into a definitive agreement under which WPG will acquire Glimcher in a stock and cash transaction valued at $4.3 billion, including the assumption of debt. The deal is valued at $14.20 per Glimcher common share. The new company, which will be renamed WP Glimcher, will be comprised of approximately 68 million square feet of gross leasable area and will have a combined portfolio of 119 properties. WPG spun off from Simon Property Group Inc. in May of this year. “We went public just three months ago, expecting to utilize our strong platform, relationship with Simon, cash flow and investment grade balance sheet to grow,” says Mark Ordan, CEO of WPG. “This transaction with Glimcher checks every box, very early in our company’s trajectory.” Michael Glimcher, chairman of the board and CEO of Glimcher, “We believe there is immediate benefit to our shareholders and our associates when we consider the growth profile of the joint company. Together, we gain a competitive advantage with a premier balance sheet, a larger pool of assets and a proven platform to deliver results.” Under …