Final papers on the $5.8 million sale were signed yesterday, Acadia vice president and director of financial reporting John Grisham tells GlobeSt.com. Selling the 92%-leased property is part of the Long Island-based REIT's ongoing capital restructuring. "The sale of this property reflects the continued execution of our strategy to dispose on non-core assets and redeploy the capital on a more appropriate basis," Acadia CEO Kenneth Bernstein says in a statement.

Acadia is also in the midst of redeveloping four centers, two of which are expected to reopen by years end. Abington Towne Center, in the Philadelphia suburb of Abingdon, is undergoing a $3 million renovation. The company sold 157,000 sf of the three-level property to Target Corp., which is currently building out the space for an opening later this year. Acadia has retained the remaining 59,000 sf 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 discount department store, the company purchased the lease in bankruptcy and has signed a lease with Wal-Mart for an 89,000-sf department store.

Elmwood Park Shopping Center, a 125,000-sf property in Elmwood Park, NJ, is undergoing a $9.2- million renovation that will add 30,000 sf to the existing complex. An A&P supermarket will anchor the development.

The redevelopment of a fourth property, the Gateway Shopping Center, a partially enclosed mall in South Burlington, VT has been halted due to the bankruptcy of former anchor tenant Grand Union. Acadia is in negotiations with the new leaseholder, Shaw's supermarket, to continue with the project.

Instant Insights /

Acadia Closes Sale on $5.8-Mil Shopping Center Deal

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