New IsWiX Setup Project fails to build - undefined preprocessor variable

New IsWiX Setup Project fails to build - undefined preprocessor variable

I am attempting to use WiX Toolset to create a deployment project. I am
using Visual Studio.NET 2010 SP1, WiX 3.7, and IsWix 2.0.13013.4. I am
using .NET framework 4.0.
I created the directory structure provided below.
C:\Projects\ExcelXLL\Installer C:\Projects\ExcelXLL\Installer\Deploy
I added an IsWix Setup Project under the Installer directory in the path
C:\Projects\ExcelXLL\Installer\ExcelXLL64Deploy.
If I attempt to compile the setup project, I get the exception: Error 1
Undefined preprocessor variable '$(var.ExcelXLL64DeployMM.TargetPath)'.
C:\Projects\ExcelXLL\Installer\ExcelXLL64Deploy\Code\Features.wxs 16 1
ExcelXLL64Deploy
What am I doing wrong or is there an issue with either IsWix or Wix?