BRONX, NY – Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented Acadia Strategic Opportunity Fund II, LLC, a subsidiary of Acadia Realty Trust, in the sale of Fordham Place for approximately $133.9 million. The team was also responsible for procuring the buyer, Retail Properties of America, Inc., (“RPAI”) a publicly traded REIT based in Chicago. Fordham Place represents the second transaction completed by CBRE, Acadia and RPAI this month; RPAI closed on the sale last week of Pelham Manor Shopping Plaza, a 228,000 square foot community center anchored by BJ’s Wholesale located in Pelham Manor, New York. The total transaction size of both properties was approximately $192.4 million.
Fordham Place is a 262,000± SF, Class A mixed use retail/office property located across from Fordham University and the Metro North train station in the heart of the Fordham Road retail corridor, one of New York City’s busiest commercial areas. The property is easily accessible to the 1.2 million residents within a three mile radius and is 100% leased to a mix of national retailers (Sears, Best Buy, Walgreens) and government service and not-for-profit office tenants, providing stable in-place income. The property was redeveloped in 2009 and is LEED Gold certified.
Jeff Dunne commented, “Pelham Manor and Fordham Place provided a unique opportunity for RPAI to significantly increase its holdings in the New York market. Both assets provide 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.”
“As we continue to refine our portfolio and optimize our operating platform, sourcing compelling opportunities in our target markets will be a key component of our strategy and these acquisitions represent a substantial first step in this initiative,” stated Shane Garrison, executive vice president, chief operating officer and chief investment officer of RPAI.