Ten of the properties included in the sale are located in Pennsylvania. The remaining seven are spread across southeastern states from Virginia to Florida. While the sale price and the buyer of the portfolio have not been disclosed, Acadia vice president and director of financial reporting John Grisham, tells GlobeSt.com that the transaction is slated to be finalized in roughly 60 days, at which time detailed financial information will be released.

The sale is subject to a fixed-rate, cross-collateralized and securitized loan and the lender must permit the buyer to assume the debt. Acadia will retain a senior, preferred interest in the buyer. While it represents 25% of Acadia's total square footage, the sale properties comprise less than 5% of its total net asset value.

Grisham says the impetus for selling the portfolio was tied to location and economics. "The geographic location--most of the properties are in the southeast--didn't fit in with the balance of our portfolio," he tells GlobeSt.com. "We're looking for properties in the Northeast, located in primary markets with higher populations. These non-core properties were highly leveraged and some of the debt, compared to today's rates, was very expensive. So, from a real estate as well as a balance sheet perspective, this sale is a 'win win.'"