Acadia Realty Trust said it wrapped up $395 million of transactions during the fourth quarter of 2016, including $141 million of core acquisitions, $196 million of fund acquisitions and $58 million of fund dispositions.
During the quarter, the company completed its purchase of an urban retail property at 555 9th St. in San Francisco for $141 million.
On behalf of Fund IV, Acadia in October 2016 paid $83 million to buy a portfolio of seven grocery-anchored shopping centers covering 1.1 million square feet in Maine, Pennsylvania and New York. It also made a $9 million short-term loan to the seller on an eighth grocery-anchored center encompassing 124,300 square feet, with an opportunity to buy the property. It is also under contract, through Fund IV, to buy a high-yielding shopping center in a $35 million deal expected to close in the first quarter.
In December 2016, Fund IV bought a 61,600-square-foot street-retail property in Chicago for $104 million. The four-story asset is 25% leased to The Disney Store. Also in December 2016, the company's Fund III sold its remaining 35% stake in the 641,000-square-foot Cortlandt Town Center in Westchester County, N.Y., for $58 million.
Further, Acadia is under contracts to sell two fund investments, one each from Fund III and Fund IV, for a combined $48 million, and expects these transactions to close in the first quarter.