NEW YORK ( TheStreet) -- It seems that the West Coast has been a terrific market for launching real estate investment trusts, especially several San Diego-based shopping center REITs. Last week I wrote about Retail Opportunity Investment Corporation (ROIC - Get Report), a "sharp shooting" value add REIT that has been making waves. As I explained in an article on The Street:
"ROIC's differentiated model focuses on acquiring properties from distressed or under-capitalized shopping center owners."
Just a few miles away from ROIC's corporate office in San Diego is Excel Trust (EXL - Get Report) another uniquely positioned shopping center REIT. Organized on Dec. 15, 2009, Excel went public on April 28, 2010 (almost three years ago) and since that time the strategically-focused retail REIT acquired 32 properties focused on necessity-brand tenants with a value oriented sales model. Excel's tenant roster consists of many leading "best in class" retailers including Publix Super Markets, Lowe's Companies (LOW), Bed Bath & Beyond (BBBY), Kohl's (KSS), Ross Stores (ROST), and TJX Companies (TJX) TJX Companies (TJX) .
Excel's investment platform is to locate in hubs that form a lower circle around the U.S. By connecting dots in San Diego, San Francisco Bay, Phoenix, Dallas, Atlanta, and Washington, DC, the "smile states" model forms a demographic footprint representing a broad base of retail tenants with above average sales per square foot.