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Acadia REIT Buys More Williamsburg Retail
Two weeks after acquiring a portfolio in Brooklyn’s Williamsburg section, Acadia Realty Trust has come back to the neighborhood. The REIT paid approximately $19 million for 109 N. Sixth St., home to retailer Madewell, the New York Business Journal reported.
Madewell, a retailer specializing in selling jeans, has been open at the site since spring. The shop also sells T-shirts, outerwear, footwear, handbags and other denim products. The retailer signed a 10-year lease for 8,300 square feet of space across the entire two-story Williamsburg building late last year.
The seller, London-based REIT Mark Capital Management, had previously paid $8.5 million to acquire the commercial property in August 2017. The site started undergoing renovations shortly after.
Acadia’s latest acquisition comes two weeks after paying $35 million for a trio of Williamsburg retail properties home to Lululemon and Partners Coffee Cafe & Roastery. It also occurs as other REITs look to acquire Williamsburg retail.
