Final papers on the $5.8 million sale were signed yesterday,Acadia vice president and director of financial reporting JohnGrisham tells Selling the 92%-leased property is partof the Long Island-based REIT's ongoing capital restructuring. "Thesale of this property reflects the continued execution of ourstrategy to dispose on non-core assets and redeploy the capital ona more appropriate basis," Acadia CEO Kenneth Bernstein says in astatement.

Acadia is also in the midst of redeveloping four centers, two ofwhich are expected to reopen by years end. Abington Towne Center,in the Philadelphia suburb of Abingdon, is undergoing a $3 millionrenovation. The company sold 157,000 sf of the three-level propertyto Target Corp., which is currently building out the space for anopening later this year. Acadia has retained the remaining 59,000sf of the property, which it will continue to operate.

Also slated to open later this year is Methuen Shopping Center,located in Methuen, MA. Formerly anchored by a Caldor discountdepartment store, the company purchased the lease in bankruptcy andhas signed a lease with Wal-Mart for an 89,000-sf departmentstore.

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