Acadia Realty Trust Sells 2.3 Mil SF of Retail Space

PORT WASHINGTON, NY-Fulfilling its quest to divest all non-core assets, Long Island-based Acadia Realty trust is selling off 17 properties with an aggregate 2.3 million sf of retail space. The sale will enable the mall REIT to embark on its stated goal of acquiring up to $300 million worth of shopping center properties.

Ten of the properties included in the sale are located in Pennsylvania. The remaining seven are spread across southeastern states from Virginia to Florida. While the sale price and the buyer of the portfolio have not been disclosed, Acadia vice president and director of financial reporting John Grisham, tells GlobeSt.com that the transaction is slated to be finalized in roughly 60 days, at which time detailed financial information will be released.

The sale is subject to a fixed-rate, cross-collateralized and securitized loan and the lender must permit the buyer to assume the debt. Acadia will retain a senior, preferred interest in the buyer. While it represents 25% of Acadia’s total square footage, the sale properties comprise less than 5% of its total net asset value.