Acadia Realty Trust Acquires Retail Properties in Williamsburg, Brooklyn for $60 Million
Acadia Realty Trust has made a significant investment in the bustling Williamsburg area of Brooklyn, purchasing three retail properties from City Urban Realty for a total of $60 million, as reported by Commercial Observer. This acquisition underscores Acadia’s active involvement in the retail sector in New York City.
Details of the Purchase
Earlier this week, Acadia finalized the purchase of the property located at 95 North Sixth Street for $21 million. This was followed by their acquisitions of:
- 97 North Sixth Street: $27.5 million
- 107 North Sixth Street: $11.5 million
These transactions reflect a lucrative expansion by Acadia in one of Brooklyn’s prime shopping destinations.
Background of City Urban Realty
City Urban Realty initially acquired this trio of two-story retail buildings in 2021 and 2022 for a combined total of $20.1 million. The properties span approximately 13,600 square feet and are fully leased to well-known retailers.
Current Tenants
The following popular brands occupy the newly acquired properties:
- 95 North Sixth Street: Abercrombie & Fitch
- 97 North Sixth Street: Lululemon
- 107 North Sixth Street: Mejuri and dental startup Wally
Deal Execution and Oversight
The deals for 95 and 97 North Sixth Streets were facilitated by Acadia’s John Gottfried, while Michael Alvandi represented City Urban Realty. It is worth noting that the purchase of 107 North Sixth is still pending formal documentation.
JLL’s Ethan Stanton, Brendan Maddigan, and Michael Mazzara played a key role in brokering this deal, representing both the buyer and the seller. Despite the significant transactions, both Acadia Realty and JLL have opted not to provide commentary on the acquisitions, and a representative from City Urban Realty has not responded to requests for information.
Acadia’s Recent Retail Ventures
Acadia’s retail strategy appears to be in full swing, having also purchased a set of three retail properties at 123-129 North Sixth Street for $35 million just last month. Additionally, the company acquired five retail properties from Brookfield Properties in the West Village for approximately $20.25 million in September. In a separate recent transaction, Acadia purchased the retail co-op at 85 Fifth Avenue for $46.8 million.
Conclusion
The acquisition of these properties by Acadia Realty Trust marks a notable investment in Williamsburg’s thriving retail landscape. As the firm continues to expand its portfolio, the exact plans for these newly acquired spaces remain undisclosed, leaving many to ponder their future developments in this vibrant neighborhood.
Contact Information
For further inquiries or detailed information, please reach out to Isabelle Durso at id****@****************er.com.