BEAR, DE—A joint venture between affiliates of Baltimore-based MCB Real Estate, LLC and Acadia Realty Trust via its Acadia Strategic Opportunity Fund IV LLC, have acquired a shopping center in this city located 15 miles south of Wilmington. The 235,508-square foot retail center, Eden Square, is anchored by a Giant Supermarket and Lowe's Home Improvement store, which is set to relocate.
The joint venture plans to reposition the shopping center after Lowe's leaves, says Peter M. Pinkard, one of MCB's Managing Partners, in a prepared statement. “There is significant tenant demand for this space and this type of redevelopment opportunity is exactly what MCB's venture with Acadia is looking to identify and execute.”
The Acadia-MCB venture owns and operates more than 1.2 million square feet in the Mid-Atlantic region. It is currently looking to invest in more value-add acquisition opportunities.
Kevin McClernon of CBRE represented the seller. Acadia-MCB has tapped John Krause and Brian Bruzek of FamecoICBRE to assist with the leasing at this center.
The Acadia-MCB partnership also acquired, along with One Liberty Properties, a 258,710 square foot industrial property from Noxell Corp., a subsidiary of Procter & Gamble. The property is located in Harford County, Md. The deal includes a short-term leaseback from Noxell, allowing the new owners time to market the building., in anticipation of Noxell's departure in September of next year.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
