Article Top Ad
Reading Time: 4 minutes

RYE, N.Y.–(BUSINESS WIRE)–Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today
announced that, subsequent to the first quarter of 2019, the Company
completed $83 million of fund acquisitions. Year to date, the Company
has completed $131 million of fund acquisitions, with another $56
million currently under contract. These transactions are consistent with
the funds’ opportunistic and value-add strategies.

“Our 2019 fund investment activity is off to strong start,” stated
Kenneth F. Bernstein, President & CEO of Acadia Realty Trust. “Under the
leadership of Reggie Livingston and Jessica Zaski, and with the efforts
of the entire Acadia team, we have already completed several attractive
acquisitions on behalf of our fund platform and anticipate that 2019
will continue to be an active year for fund transactions.”


Fund Acquisitions – High Yield

Palm Coast Landing, Palm Coast, FL. In May, Fund V completed the
acquisition of Palm Coast Landing, a 171,000-square foot shopping center
located in Palm Coast, FL, for $37 million. This property, anchored by
Ross Dress for Less, TJ Maxx and Michael’s, is the dominant shopping
center in its market.

The Family Center at Riverdale, Riverdale, UT. As previously
reported, in March, Fund V, in partnership with CCA Acquisitions,
completed the acquisition of The Family Center at Riverdale, located in
Riverdale, UT (Salt Lake City MSA), for approximately $48 million. The
Family Center at Riverdale is a 428,000-square foot, Target-anchored
power center. It is the dominant center on Riverdale Road, the main
shopping corridor in the growing Riverdale/Ogden market. Along with
Target, the center’s major tenants include Best Buy, PetSmart and
Sportsman’s Warehouse. Riverdale is also shadow anchored by Walmart,
Sam’s Club and Home Depot.

These two investments are consistent with the Fund platform’s high-yield
opportunistic strategy.

Fund Acquisitions – Value Add

Tri-City Plaza, Vernon, CT. In May, Fund V, in partnership with
DLC Management Corp., purchased Tri-City Plaza, a 300,000-square foot
center located in Vernon, CT, for $36 million. The joint venture intends
to redevelop the TJ Maxx and HomeGoods-anchored center. The
redevelopment plan includes bringing in a new best-in-class grocer,
which will drive additional traffic to this high-quality asset. Fund V
is a 90% partner in the joint venture.

110 University Pl, New York, NY. In May, Fund IV closed on a
ground lease interest in the commercial portion of a newly-constructed,
high-end condominium building, located at 110 University Pl in the Union
Square submarket of Manhattan, for $10 million. The commercial unit
includes at-grade retail and a parking garage. Located immediately south
of Union Square Park, 110 University Pl is well-located on a
high-foot-traffic, high-energy corridor. The Company is already in
active discussions with several retailers to lease the available space.
This acquisition was identified during Fund IV’s investment period,
which concluded in 2016.

Fund Acquisitions – Under Contract

Lincoln Commons, Lincoln, RI. Fund V is currently under contract
to purchase Lincoln Commons, a 450,000-square foot shopping center
located in Lincoln, RI, for $56 million. The property is located 8 miles
from downtown Providence and is anchored by Stop & Shop, Target
(shadow), Marshalls and HomeGoods. As the dominant center in the region,
this higher-yielding asset has a diverse mix of necessity,
entertainment, food and soft goods retailers to complement the strong
anchor tenancy.

No assurance can be given that the Company will successfully close on
the remaining acquisitions under contract, which are subject to
customary closing conditions.

About Acadia Realty Trust

Acadia Realty Trust is an equity real estate investment trust focused on
delivering long-term, profitable growth via its dual – core and fund –
operating platforms and its disciplined, location-driven investment
strategy. Acadia Realty Trust is accomplishing this goal by building a
best-in-class core real estate portfolio with meaningful concentrations
of assets in the nation’s most dynamic urban and street-retail
corridors; making profitable opportunistic and value-add investments
through its series of discretionary, institutional funds; and
maintaining a strong balance sheet. For further information, please

Safe Harbor Statement

Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law and as such may
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements.
These forward-looking statements include statements regarding Acadia’s
future financial results and its ability to capitalize on potential
investment opportunities. Factors that could cause Acadia’s
forward-looking statements to differ from its future results include,
but are not limited to, those discussed under the headings “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in Acadia’s most recent annual
report on Form 10-K filed with the SEC on February 19, 2019 (“Form
10-K”) and other periodic reports filed with the SEC, including risks
related to: (i) political and economic uncertainty; (ii) Acadia’s
reliance on revenues derived from major tenants; (iii) Acadia’s limited
control over joint venture investments; (iv) Acadia’s partnership
structure; (v) real estate and the geographic concentration of Acadia’s
properties; (vi) market interest rates; (vii) leverage; (viii) liability
for environmental matters; (ix) Acadia’s growth strategy; (x) Acadia’s
status as a REIT; (xi) uninsured losses; (xii) information technology
security threats and (xiii) the loss of key executives. Copies of the
Form 10-K and the other periodic reports Acadia files with the SEC are
available on Acadia’s website at
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia’s expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.


Amy L. Racanello (914) 288-8100