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Acadia Trades Bronx Retail for $134M

NEW YORK CITY-The buyer of Acadia Strategic Opportunity Fund II's Fordham Place retail/office property was Retail Properties of America, which earlier this month bought a Westchester center from Acadia.

By Paul Bubny | Updated on November 19, 2013

NEW YORK CITY-Fordham Place, a 262,000-square-foot retail/office property on the heavily trafficked Fordham Road in the Bronx, has traded for $133.9 million. The seller was Acadia Strategic Opportunity Fund II LLC, a subsidiary of Acadia Realty Trust; the buyer was Retail Properties of America Inc., a Chicago-based REIT that earlier this month bought Pelham Manor Shopping Center in Westchester County from Fund II. As they did with the Pelham Manor sale, Jeffrey Dunne and David Gavin of CBRE‘s New York Institutional Group represented Acadia and also procured the buyer.

“Pelham Manor and Fordham Place provided a unique opportunity for RPAI to significantly increase its holdings in the New York market,” says Dunne. He adds that both assets offer “a combination of strong in-place NOI with long term leases to national and credit tenants as well as prime locations in extremely dense, infill markets.”

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