Acadia Realty Buys West Village Retail Properties From Brookfield for $20M
By Isabelle Durso September 25, 2024 3:30 pm
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Acadia Realty Trust has purchased five retail properties in the West Village from Brookfield Properties for approximately $20.25 million, according to city records made public Tuesday.
In the largest transaction, Acadia paid $8.1 million to Brookfield for ground-floor retail space at the base of 350 Bleecker Street, records show. Brookfield previously bought that property for $12 million in April 2018 as part of a $31.5 million sale on the popular shopping street, according to PincusCo, which first reported the deals.
Acadia declined to comment, while a spokesperson for Brookfield did not immediately respond to a request for comment. Newmark (NMRK)’s Adam Spies, Adam Doneger and Brett Siegel, who brokered the transactions, also did not respond.
In the second-largest deal, Acadia bought retail condominiums at 382 Bleecker Street and at next-door 92 Perry Street from Brookfield. Acadia paid $5.7 million for the two sites, which total 3,828 square feet, PincusCo reported.
Acadia also bought a 4,583-square-foot retail condo at 367-369 Bleecker Street for $4.8 million from Brookfield.
In the final deal, Acadia paid $1.6 million to Brookfield for a 792-square-foot retail space at 387 Bleecker Street.
All four transactions closed Sept. 19, according to PincusCo. The listed signatory for the seller was Brookfield’s Jake Nathan, while Acadia’s Jason Blacksberg signed for the buyer.
It seems Acadia is looking to acquire even more retail property in the coming months after the company sold its Queens retail property, The Shops at Grand Avenue, to J.P. Morgan Asset Management for roughly $50 million in May, as Commercial Observer previously reported.
Meanwhile, Brookfield continues to maintain a large retail portfolio, including the Manhattan West Plaza and stores at One Liberty Plaza.
Isabelle Durso can be reached at idurso@commercialobserver.com.
