PELHAM MANOR, NY-Publicly traded REIT Retail Properties of America Inc. has paid approximately $58.5 million to buy Pelham Manor Shopping Plaza from its owner and developer, White Plains-based Acadia Realty Trust. Jeffrey Dunne and David Gavin of CBRE's New York Institutional Group represented Acadia and also procured the buyer.
“Pelham Manor provides a combination of strong in-place NOI with long term leases to national and credit tenants as well as a prime location in an extremely dense, infill market,” comments Dunne. “Metro New York has continued to experience very strong investor demand for high quality, core assets like Pelham.”
Developed in 2008 by Acadia via its Acadia Strategic Opportunity Fund II, the 228,000-squre-foot center is anchored by a BJ's Wholesale Club. It's currently 98% leased, with its tenant mix also including Michaels, PetSmart, Five Below and Chase.
The shopping center is located on the border of Westchester County and the Bronx, and draws on a densely populated infill market with 1.1 million residents within a five-mile radius. It's located at the intersection of the Hutchinson River Parkway and Pelham Manor, and occupies the former site of a 50-year-old industrial complex.
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