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New York & Tri-State  + Downtown New York  + Retail  | 

Acadia Follows One Soho Acquisition with Another

Acadia Realty Trust added to its Soho street retail holdings by acquiring 45 Greene St. for $12.2 million. The company executed a lease with L’Agence in conjunction with the closing.

The deal for 45 Greene occurs a few weeks after the REIT acquired the neighboring 47 Greene St. for $24.8 million. Both acquisitions are part of completed or announced deals totaling $121.8 million of New York City street retail assets in Soho.

Of the $121.8 million, $86.8 million of deals have closed and $35 million remains under contract to date. Acadia said it expects to complete the remaining properties under contract in phases through 2020.

“We are constantly looking for ways to strengthen and grow our portfolio, whether that be through new acquisitions or selective dispositions,” said Kenneth F. Bernstein, CEO of Acadia. In all, Acadia has completed $561 million of transactions year to date, including acquisitions and dispositions.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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