1 M-SF Shopping Center Commands $87M

WILMINGTON, DE-A one-million-sf, open-air, shopping complex–consisting of Brandywine Town Center and Market Square Shopping Center–is under contract for purchase in a planned $87-million deal. The designated buyer is Port Washington, NY-based REIT Acadia Realty Trust’s acquisition joint venture offshoot, Acadia Strategic Opportunity Fund LP, informally known as Acadia Acquisition. Included in the arrangement is Acadia’s commitment to take on a little over $38 million in existing, fixed-rate, first mortgage debt.

“We are extremely excited by this pending acquisition not only because of the attractive initial yield, but because it is an ideal blend of strong location, high credit quality, and future growth potential,” Acadia CEO Kenneth Bernstein says in a prepared statement. “This retail complex is consistent with our goal of enhancing our core portfolio with strategically located, high barrier-to-entry properties that will create long term shareholder value”.