NEW YORK CITY-Fordham Place, a 262,000-square-foot retail/office property on the heavily trafficked Fordham Road in the Bronx, has traded for $133.9 million. The seller was Acadia Strategic Opportunity Fund II LLC, a subsidiary of Acadia Realty Trust; the buyer was Retail Properties of America Inc., a Chicago-based REIT that earlier this month bought Pelham Manor Shopping Center in Westchester County from Fund II. As they did with the Pelham Manor sale, Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group represented Acadia and also procured the buyer.

“Pelham Manor and Fordham Place provided a unique opportunity for RPAI to significantly increase its holdings in the New York market,” says Dunne. He adds that both assets offer “a combination of strong in-place NOI with long term leases to national and credit tenants as well as prime locations in extremely dense, infill markets.”

To RPAI, the two deals represent more than half the REIT's year-to-date acquisitions. “As we continue to refine our portfolio and optimize our operating platform, sourcing compelling opportunities in our target markets will be a key component of our strategy and these acquisitions represent a substantial first step in this initiative,” says Shane Garrison, EVP, COO and CIO of RPAI.