Lucescu Realty opens Phoenix office, sells The Promenade in Scottsdale

Newport Beach, Calif. — Lucescu Realty said it has opened a new regional office in Phoenix, its second office outside its California headquarters. The company recently opened a Las Vegas office and plans to open a San Francisco presence by year-end 2011.

In other company news, Lucescu Realty said it completed the sale of The Promenade in Scottsdale, for $110 million. Lucescu Realty represented the seller, a local private investor, and procured the buyer, Excel Trust of San Diego.

The retail component of the mixed-use project comprises a 730,000-sq.-ft. power center, 433,533 sq. ft. of which was included in the sale, and is anchored by Lowe’s Home Improvement (not part of the sale), The Great Indoors (not part of the sale), Nordstrom Rack, Office Max, PetSmart, Old Navy, Michaels, SteinMart, Trader Joe’s, Cost Plus World Market and Pier One Imports.