Acadia Realty Buys Trio of Williamsburg Retail Buildings for $35M
By Isabelle Durso October 23, 2024 5:13 pm
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Acadia Realty Trust has acquired a trio of retail buildings spanning 11,180 square feet in Williamsburg, Brooklyn, for $35 million, Commercial Observer has learned.
Acadia Realty purchased the potential development sites at 123-129 North Sixth Street — a very popular street for retail sales in the past month — from the entity North Sixth Street Realty, according to property records and a source familiar with the deal. The entity is tied to Joseph Vallario, owner of food wholesaler M&V Provisions.
JLL (JLL)’s Ethan Stanton, Brendan Maddigan and Michael Mazzara represented both the buyer and the seller in the deal. Vallario and spokespeople for JLL and Acadia did not immediately respond to requests for comment.
The Williamsburg property comprises three retail storefronts along North Sixth Street and one vacant lot around the corner on Berry Street. 129 North Sixth Street is currently occupied by sportswear retailer Lululemon, while 125 North Sixth Street is leased by Partners Coffee. The building at 127 North Sixth Street was previously occupied by clothing retailer Madewell but is currently vacant.
Other major tenants such as Chanel and Hermes have set up shop along Williamsburg’s popular retail corridor, establishing the neighborhood once known as a gritty artist outpost as an attractive destination for new sales and investments.
And it’s not just Acadia Realty laying the groundwork in Williamsburg.
Empire State Realty Trust recently made a name for itself on North Sixth Street, purchasing $143 million worth of properties just this month as part of its previously announced $195 million acquisition of prime Sixth Street retail space, as Commercial Observer previously reported.
ESRT’s assets comprise approximately 81,000 square feet of retail space, with the balance of the purchases expected to close during the fourth quarter of this year, according to the company’s third-quarter earnings report released Monday.
And ESRT plans yet another retail acquisition on North Sixth Street next year for approximately $30 million, the company said this week.
Those deals come in addition to ESRT’s other current retail holdings in the neighborhood at 77 North Sixth Street and 157-159 Wythe Avenue, where tenants including Glossier, Glowbar and Sugarfish are located.
Isabelle Durso can be reached at idurso@commercialobserver.com.
