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Buzz Oates Sells Riverpoint Marketplace

December 22, 2014

Press Release for Immediate Release
Contact: Kevin Ramos, Chief Investment Officer

Buzz Oates
Phone: 916-379-3800
Email: kevinramosbuzzoates.com
Date: December 22, 2014

Buzz Oates Sells Riverpoint Marketplace in West Sacramento
SACRAMENTO, CA Buzz Oates (www.buzzoates.com) is pleased to announce the sale of the Riverpoint Marketplace shopping center in West Sacramento, CA to Excel Trust of San Diego, CA.

Riverpoint Marketplace is a 900,000 SF mixed use regional power center development anchored by IKEA, Walmart Supercenter, and The Home Depot. The project, located at the south east quadrant of Reed Avenue and Interstate 80, is the fourth largest retail development in the Sacramento region after the Roseville Galleria, Arden Fair and Sunrise Regional Malls. Excel Trust purchased 12 buildings totaling approximately 134,000 SF, of the development, not owned by the anchor tenants. Tenants in the buildings purchased by Excel include Ross Dress for Less, Americas Tire, Petco, Sketchers, IHOP, Golden 1 Credit Union, Sprint, Five Guys, Chipotle, Styles for Less, GNC, Rue 21, Radio Shack, Payless ShoeSource, Gamestop, Wicked West Pizza, Sally Beauty, Barebones Workwear, Beach Hut Deli, Sport Clips, Hot Nails, Wing Stop, Burger King, T Mobile, Batteries + Bulbs, Eureka Dental, Smog’ N Go, Sleep Train, and La-Z-Boy. Also as part of the transaction, Community Business Bank exercised an option to purchase their 7,020 SF Headquarters/Branch facility located at 725 Riverpoint Court.

Financial terms of the transaction were not disclosed.

The Riverpoint Marketplace property was acquired in 1999 and subsequently developed by Buzz Oates and West Sacramento-based Ramco Enterprises. IKEA purchased their site and constructed their store in 2005 and 2006. Walmart and The Home Depot opened their stores in 2008. Kevin Ramos, the Chief Investment Officer of BO said “We are very proud of our entire organizations’ execution of a complicated project during a very challenging economic environment 2008-2011. Our partnership took a significant risk, during a difficult economic period to say the least, and successfully delivered a project that will benefit our community for many years.” The site had a history of proposed projects over the last 30 years which never materialized, including an Auto Mall, Office/Tech Park, Discount Mall, Furniture Mall and Indian Casino.

Ramos said the City of West Sacramento is the biggest winner in the project and complimented the City staff and management for doing a great job of working with the development team to bring the project together. He further granted special recognition to Kathleen O’Leary the former City Redevelopment Agency Project Manager. The overall project generated an estimated $20.0 million in development fees, $1.25 million per year in property tax increment, and $2.0 million plus in annual sales tax revenue to the City of West Sacramento. The property tax increment and sales tax income streams can be leveraged 15+ times or to $50.0+ million in bond proceeds for other initiatives within the City. Most importantly, the retail center has provided more than one thousand new jobs in the community.

BO/Ramco have retained ownership of two fully improved but undeveloped retail pads located along the Interstate 80 frontage of the site and the 105,000 SF Riverpoint Corporate Center office building that is 92% leased.

Jon Gianulias, John Dubois, and Mark Denholm of CORE Commercial in Sacramento represented the seller in the transaction. David White of CBRE is the leasing broker for the property.

About Buzz Oates.

Buzz Oates is a Sacramento, CA based privately held commercial real estate development, construction, and asset management company. BO’s expertise includes land entitlements, development services, construction services, and property and asset management services. BO manages a portfolio of approximately 23.0 million SF of properties valued in excess of $1.5 Billion. Additional information about the Company is available at www.buzzoates.com.

About Excel Trust, Inc.

Excel Trust, Inc. is a retail focused real estate investment trust (“REIT”) that primarily targets community and power centers, grocery anchored neighborhood centers and freestanding retail properties. The Company has elected to be treated as a REIT for U.S. Federal income tax purposes. Excel Trust trades publicly on the NYSE under the symbol “EXL.” Additional information about the Company is available at www.exceltrust.com

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