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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Dig Deeper

 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.