UPDATE 1-Excel IPO prices at bottom of range-source

* Prices at $14/shr vs $14-$15 range - underwriter

* Sells 15 mln shares, raises about $210 mln - underwriter

NEW YORK, April 22 (Reuters) - Real estate investment trust Excel Trust Inc (EXL.N) priced shares in its initial public offering at the bottom of a cut range on Thursday, according to an underwriter.

San Diego, California-based Excel sold 15 million shares for $14 each, raising about $210 million. It had planned to sell 15 million shares for $14 to $15 each.

The company delayed the pricing of its IPO to Thursday from Wednesday and cut the expected price range from $16 to $18 a share earlier on Thursday.

The company, which plans to buy retail properties, said it will own 16 properties totaling 1.2 million square feet at the conclusion of the IPO. It also has an agreement to purchase a mall and plans to purchase a commercial office building and two plots of land.

Excel typically rents to supermarkets, big box retailers and other discount retailers like Walgreen Co (WAG.N), Lowe's Companies Inc (LOW.N) and Best Buy Co Inc (BBY.N), it said in its prospectus.

The shares are expected to begin trading on the New York Stock Exchange on Friday under the symbol "EXL." Underwriters were led by Morgan Stanley, Barclays Capital and UBS Investment Bank. (Reporting by Clare Baldwin; Editing by Tim Dobbyn)