TALLAHASSEE, FL-Two New York firms have completed a $31.5 million deal in this Florida political hotbed, 250 miles northwest of Downtown Orlando. An affiliate of UrbanAmerica is the new owner of Northwood, a fully-leased, 501,000-sf office/retail complex sold by Long Island, NY-based Acadia Realty Trust for $62.87 per sf.

The property is largely leased by state agencies. Tallahassee is the state capital.Acadia sold the asset to concentrate its investment portfolio entirely on retail product.

In a prepared statement, Acadia president Kenneth F. Bernstein said the property was sold “at the high range of our internal valuations and will have a positive impact on our net asset value.”

While the sale will slightly dilute current funds from operations, it will also eliminate $22 million of above-market rate debt of 9%, Bernstein says. Acadia is structured as an UPREIT, specializing in the operation, management, leasing, renovation and acquistion of shopping centers and multi-family properties.

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