DDR Corp. (DDR) and Excel Trust, Inc. (EXL) on Monday jointly announced that Excel Trust has bought three shopping centers in the Salt Lake City area from DDR for about $223 million.
The transaction includes properties such as 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 said it has sold its Family Center at Taylorsville to a third party.
Commenting on the acquisition, Gary Sabin, chief executive of Excel Trust, said: "...We see this acquisition as an opportunity to enhance our portfolio by securing a foothold in a strong market where Excel Trust already has a management presence. Utah is a business friendly state and boasts some of the best employment and economic data in the nation."
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