Acadia Realty Trust has acquired a commercial property on New York City's Upper East Side for $51 million. Acadia paid $15 million for the retail portfolio of the building, $22 million for a parking garage and $14 million for the office component. O'Connor Capital Partners was the seller.
Kite Realty Group aims to sell retail centers and net lease properties with lower growth profiles, said John Kite, president and CEO of Kite Realty Group Trust, at REITWorld 2012: NAREIT's Annual Convention for All Things REIT. "We've been pretty successful in selling at good numbers and redeploying the capital into new acquisition opportunities. The acquisitions have been in target markets that we like at attractive pricing."
Kohl's Corp. has acquired Ormond Town Square in Ormond Beach, Fla., from Developers Diversified Realty for $22 million. DDR also sold five Mervyns locations in California and Nevada to Kohl's for an undisclosed price.
Steven D. Bell & Co. has purchased the Haygood Shopping Center in Virginia Beach, Va., from Klaff Realty and Acadia Realty Trust. Divaris Real Estate will continue to manage the 178,500-square-foot facility that includes a Farm Fresh, Rite Aid and Marshalls.
Investment company Steven D. Bell & Co. has acquired the Haygood Shopping Center in Virginia Beach, Va., from a joint venture between Klaff Realty and Acadia Realty Trust for $24.9 million. The 178,500-square-foot center is anchored by Farm Fresh and Marshalls.