Acadia Realty Trust Sells Bronx Mixed-Use Building For $133.9M

Posted on November 19, 2013, 3:25 pm
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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 Dune, of 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% to $13.65 as of 11:40 a.m. on Tuesday.

Mr. Dunne represented the seller alongside David Gavin.

 

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