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Acadia Realty Trust pays $87M for Va. shopping center

Acadia Realty Trust bought the Landstown Commons shopping center in Virginia Beach, Va., for $87.0 million.

The 400,000-square-foot property is anchored by retailers including Ross Stores Inc., Best Buy Co. Inc., Ulta Beauty Inc., Five Below Inc., Old Navy Inc. and Dollar Tree Inc.

The shopping center real estate investment trust, in partnership with DLC Management Corp., also acquired a two-property portfolio in Frederick, Md., for $53.7 million.

The properties include the 300,000-square-foot Frederick Crossing, which traded for $32.4 million, and the 225,000-square-foot Frederick County Square, which changed hands for $21.3 million.

The company conducted the transactions through its Fund V.