BEAR, DE—Aswe reported last month, a joint venture betweenaffiliates of Baltimore-based MCB Real Estate, LLCand Acadia Realty Trust via its AcadiaStrategic Opportunity Fund IV LLC, acquired the235,508-square foot retail center, Eden Square,here. Updated real estate records show it traded for $25million.
Also, the broker in this transaction, CBREprovides more details about the transaction. Eden Square has twoanchors, a Giant Supermarket and Lowe's Home Improvement store,which is set to relocate. The departing anchor meant a reduction of40% of occupied space, according to KevinMcClernon, who along with George Schmittrepresented the seller, Bellevue Holdings, in the transaction.
The new owners plan to reposition the shopping center afterLowe's leaves.
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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.
