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Acadia Pays $28M for 3 Ohio Shopping Centers

PHILADELPHIA-The Long Island-based UPREIT pays an average $82.40 per sf for two Giant Eagle grocery-anchored centers in Cleveland and one in Columbus anchored by a Big Bear Supermarket. The seller is Pepper Pike, OH-based Visconsi Companies.

By Marita Thomas | Updated on September 21, 2002

PHILADELPHIA-Port Washington, NY-based Acadia Realty Trust has paid $26.7 million for three grocery-anchored Ohio shopping centers totaling 324,000 sf. The seller is Pepper Pike, OH-based Visconsi Companies, Ltd.

The two Cleveland-area centers, Sheffield Crossing and Amherst Marketplace, are anchored by Giant Eagle supermarkets. Granville Center in Columbus is anchored by a Big Bear Supermarket.

Sheffield Crossing was developed in 1997. It totals 112,000 sf, with Giant Eagle accounting for 59,000 sf. The center in Cleveland’s Sheffield suburb also has a CVS pharmacy and is 88% leased.

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