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Acadia Adds to Soho Retail Holdings
Acadia Realty Trust disclosed that it had recently acquired 47 Greene St., a 7,200-square-foot retail property in Soho, for $24.8 million in an off-market transaction. The property is 100% leased to Theory.
As previously announced, the Rye, NY-based retail REIT has acquired, or gone into contract for, $121.6 million of street retail assets in Soho. They included a portfolio of $96.8 million during the first quarter, and an additional agreement of $24.8 million during Q2.
Of the $121.6 million, $74.4 million has closed and $47.2 million remains under contract. Acadia expects to complete the remaining properties under contract in phases through 2020.
“We continue to find attractive deals to execute on our dual platform mandate,” stated Kenneth F. Bernstein, Acadia’s president & CEO. Along with the core platform covered by the Soho transactions, Acadia also operates a fund platform which has closed on $329 million in acquisitions year to date.
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- ◦Sale/Acquisition
