Thank you for sharing!

Your article was successfully shared with the contacts you provided.

PORT WASHINGTON, NY-Acadia Realty Trust announced today that it has closed on the sale of Wesmark Plaza, a 207,000-sf shopping center in the central SC town of Sumter.

Final papers on the $5.8 million sale were signed yesterday, Acadia vice president and director of financial reporting John Grisham tells GlobeSt.com. Selling the 92%-leased property is part of the Long Island-based REIT’s ongoing capital restructuring. “The sale of this property reflects the continued execution of our strategy to dispose on non-core assets and redeploy the capital on a more appropriate basis,” Acadia CEO Kenneth Bernstein says in a statement.

Acadia is also in the midst of redeveloping four centers, two of which are expected to reopen by years end. Abington Towne Center, in the Philadelphia suburb of Abingdon, is undergoing a $3 million renovation. The company sold 157,000 sf of the three-level property to Target Corp., which is currently building out the space for an opening later this year. Acadia has retained the remaining 59,000 sf of the property, which it will continue to operate.

Also slated to open later this year is Methuen Shopping Center, located in Methuen, MA. Formerly anchored by a Caldor discount department store, the company purchased the lease in bankruptcy and has signed a lease with Wal-Mart for an 89,000-sf department store.

Elmwood Park Shopping Center, a 125,000-sf property in Elmwood Park, NJ, is undergoing a $9.2- million renovation that will add 30,000 sf to the existing complex. An A&P supermarket will anchor the development.

The redevelopment of a fourth property, the Gateway Shopping Center, a partially enclosed mall in South Burlington, VT has been halted due to the bankruptcy of former anchor tenant Grand Union. Acadia is in negotiations with the new leaseholder, Shaw’s supermarket, to continue with the project.

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?

Dig Deeper


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 © 2021 ALM Media Properties, LLC. All Rights Reserved.