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Article: Acadia Trust pays $78m for W'chester shopping center.
- Article from:
- Real Estate Weekly
- Article date:
- February 4, 2009
CopyrightCOPYRIGHT 2009 Hagedorn Publication. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Acadia Realty Trust has purchased Cortlandt Towne Center in Westchester for $78 million.
The purchase was made through Acadia Strategic Opportunity Fund III, LLC, its third discretionary investment fund.
Courtland Towne Center is a 640,000 s/f regional shopping center in Cortlandt, NY, a trade area with high barriers-to-entry for regional and national retailers.
The Property is anchored by Wal-Mart, A&P Food Market, Marshalls, Barnes & Noble and Regal Entertainment Group. The total cost equates to $122 per square foot, a 40% discount to replacement cost.
Historically, the net operating income on the property has been in excess of $9 ...