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Acadia Plans $35M Retail Redevelopment

BRONX, NY-Retail REIT Acadia Realty Trust and P/A Associates acquires a multilevel property on East Fordham Road here and plans to add as much as 85,000 sf to the site. The area is the third strongest retail corridor in New York City.

By Barbara Jarvie | Updated on October 12, 2004

BRONX, NY-A joint venture of White Plains-based Acadia Realty Trust and P/A Associates plans an estimated $35 to $40 million redevelopment of a site at 400 East Fordham Rd. here that is currently home to a Sears, whose lease expires in 2007. Sears has been in the site near Fordham University for 40 years. There is a potential of as much as 85,000 sf of expansion on the site. Miles Mahony of NAI Friedland Realty represented both the buyer and seller.

“Fordham Road is a unique, high barrier-to-entry market which is currently underserved by national retailers,” says Kenneth F. Bernstein, Acadia’s president and CEO. According to New York City statistics, Fordham Road is the strongest retail area in the borough and is the third largest retail corridor in all of New York City, with over 650,000 people in a two-mile radius and annual retail sales in excess of $500 million.

Bernstein says the strength of the retail market is evidenced by rents exceeding $75 per sf with many retailers utilizing multi-level formats. Acadia sees the potential for retailers not already established in the Bronx such as Target, Kohl’s, Office Max, Bed Bath & Beyond, Best Buy and Wal-Mart.

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