Acadia Realty Trust Sells Bronx Mixed-Use Building for $133.9M
By Gus Delaporte November 19, 2013 11:45 am
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Acadia Strategic Opportunity Fund II, a subsidiary of Acadia Realty Trust, has agreed to sell Fordham Place, a 262,000-square-foot mixed-use property in the Bronx, to Retail Properties of America for $133.9 million.
The transaction is the second between the two parties this month. Earlier, Retail Properties of America, a publicly traded real estate investment trust, acquired Pelham Manor Shopping Plaza from Acadia for $58.5 million.
“Pelham Manor and Fordham Place provided a unique opportunity for RPAI to significantly increase holdings the New York market,” said Jeff Dunne, of CBRE (CBRE), who represented the seller and procured the buyer, in a prepared statement. “Both assets provide a combination of strong in-place NOI with long term leases to national and credit tenants as well as prime locations in extremely dense, infill markets.”
Located across from Fordham University and the Metro-North railroad station, Fordham Place is accessible by 1.2 million residents within a three-mile radius. The center is 100 percent leased to tenants that include Sears, Best Buy and Walgreens.
Shares in RPAI traded down 1 percent to $13.65 as of 11:40AM on Tuesday.
Mr. Dunne represented the seller alongside David Gavin.
