BEAR, DE—As we reported last month, a joint venture between affiliates of Baltimore-based MCB Real Estate, LLC and Acadia Realty Trust via its Acadia Strategic Opportunity Fund IV LLC, acquired the 235,508-square foot retail center, Eden Square, here. Updated real estate records show it traded for $25 million.
Also, the broker in this transaction, CBRE provides more details about the transaction. Eden Square has two anchors, a Giant Supermarket and Lowe's Home Improvement store, which is set to relocate. The departing anchor meant a reduction of 40% of occupied space, according to Kevin McClernon, who along with George Schmitt represented the seller, Bellevue Holdings, in the transaction.
The new owners plan to reposition the shopping center after Lowe's leaves.
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.
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