November 12, 2019
Acadia Realty Trust added to its Soho street retail holdings by acquiring 45 Greene St. for $12.2 million. The company executed a lease with L’Agence in conjunction with the closing.
The deal for 45 Greene occurs a few weeks after the REIT acquired the neighboring 47 Greene St. for $24.8 million. Both acquisitions are part of completed or announced deals totaling $121.8 million of New York City street retail assets in Soho.
Of the $121.8 million, $86.8 million of deals have closed and $35 million remains under contract to date. Acadia said it expects to complete the remaining properties under contract in phases through 2020.
“We are constantly looking for ways to strengthen and grow our portfolio, whether that be through new acquisitions or selective dispositions,” said Kenneth F. Bernstein, CEO of Acadia. In all, Acadia has completed $561 million of transactions year to date, including acquisitions and dispositions.
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