Big Bear, the No. 2 grocer in the region, anchors the Columbus, OH property.
Jon Grisham, Acadia vice president, declined to name his company's joint-venture partner, identify the centers by name, or disclose to GlobeSt.com the occupancy, individual sf and other details "until the transaction closes in less than 60 days," he says. The closing is contingent on lenders' consent to allow the buyer to assume two fixed-rate loans.
Acadia has a 22% interest in the joint venture and is entitled to profit participation in excess of its invested capital under certain conditions. The three-property acquisition is the first for the joint-venture partnership, which plans to acquire up to $300 million in real estate assets.
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