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Acadia Buys 1M-SF Supermarket Portfolio

NEW YORK CITY-The transaction includes 27 Kroger and Safeway grocery stores, all of which are triple-net leased. The REIT also expects to close within a month on a one-million-sf Delaware regional shopping center.

By Glen Thompson | Updated on January 20, 2003

NEW YORK CITY-Long Island retail REIT Acadia Realty Trust’s Acadia Strategic Opportunity Fund LP–known as Acadia Acquisition–is $47 million closer to its goal of spending $300 million on real estate acquisitions. Acadia revealed Friday that it has purchased a one-million-sf supermarket portfolio in joint venture with Stamford, CT developer and investor AmCap Inc.

The portfolio comprises 25 Kroger and Safeway supermarkets, the second- and fourth-largest grocers, respectively, in the US. Most are free-standing properties and all are triple-net, anchor-only leases. The $47-million price tag includes closing costs and the assumption by Acadia of $34.5 million in existing debt. The Port Washington, NY-based REIT invested $11.25 million in equity.

“While the main focus for our acquisition program is to acquire assets that are geographically consistent with our core portfolio, we will also pursue transactions–within our core competency–where, quite simply, we can make money for our shareholders and investors,” says Kenneth Bernstein, Acadia president and CEO.

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