WASHINGTON, DC—White Plains, NY-based Acadia Realty has expanded its footprint in Georgetown by acquiring a 20% interest in the Georgetown Renaissance portfolio.
The portfolio is an approximate 300,000 square foot retail portfolio consisting of 17 properties in Georgetown and one in Alexandria, Va. It is co-owned by EastBanc and the Atlanta-based Jamestown, which acquired a 75% stake in the portfolio in 2011, according to Jamestown.
The companies' financial relationships are complicated. * Acadia Realty co-owns seven separate properties with EastBanc in Georgetown, a Jamestown spokesperson told GlobeSt.com. Acadia also provided EastBanc with the capital to purchase a piece of Jamestown's interest in the Georgetown Renaissance portfolio, reducing Jamestown's stake to 48%, where it remains today, from the initial 75%, the spokesperson said.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
