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Acadia Realty details Q4'17, Q1'18 property deals

Acadia Realty Trust said its Fund V completed a $62 million acquisition in Michigan during the fourth quarter of 2017 and closed a $45 million purchase in Alabama in February.

In December 2017, the shopping center-focused real estate investment manager acquired the 100% leased Fairlane Green in Allen Park, Mich. It spans 270,000 square feet and lists TJ Maxx, Michaels and Old Navy as anchors.

In Trussville, Ala., Acadia bought the 95% leased Trussville Promenade, a 464,000-square-foot shopping center, with Walmart, Marshalls and Ross Dress for Less as anchor tenants.

The company's Fund IV sold the 3,000-square-foot 32 E. Broughton St. mixed-use property in Savannah, Ga., for $2 million in December 2017.

In January, the sale of the 11,000-square-foot mixed-use property at 108-110 Broughton St. for $8 million was also closed.

During 2018, the company refinanced its existing $300 million credit facility through a completed $500 million senior unsecured credit facility, comprised of a $150 million senior unsecured revolving credit facility and a $350 million senior unsecured term loan. The new facility will also replace bilateral unsecured credit facilities worth $150 million and roughly $50 million of secured financings.

The revolver and term loans also extended the existing credit facility's maturity dates through March 2022 and 2023, respectively, according to a release.