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WILMINGTON, DE-A one-million-sf, open-air, shopping complex–consisting of Brandywine Town Center and Market Square Shopping Center–is under contract for purchase in a planned $87-million deal. The designated buyer is Port Washington, NY-based REIT Acadia Realty Trust’s acquisition joint venture offshoot, Acadia Strategic Opportunity Fund LP, informally known as Acadia Acquisition. Included in the arrangement is Acadia’s commitment to take on a little over $38 million in existing, fixed-rate, first mortgage debt.

“We are extremely excited by this pending acquisition not only because of the attractive initial yield, but because it is an ideal blend of strong location, high credit quality, and future growth potential,” Acadia CEO Kenneth Bernstein says in a prepared statement. “This retail complex is consistent with our goal of enhancing our core portfolio with strategically located, high barrier-to-entry properties that will create long term shareholder value”.

Brandywine and Market square sit at the intersection of US Rte. 202–the Concord Pike–and state Rte. 92. For its part, Brandywine Town Center is further demarcated by what could be described as shopping centers within a shopping center. It consists of two segments, with the first segment offering 450,000 sf of and the second offering 420,000sf. Between the two, a bevy of premier retailers are laid out at shoppers’ feet. The list of tenants at Brandywine include 138,000-sf Target store, Lowe’s Home Improvement, Bed Bath & Beyond, Regal Cinema, and Michaels. Market Square is the smaller property at 103,000 sf but it, too, offers big-name national retail destinations. TJ Maxx and a Trader Joe’s market serve as the Market Square’s anchors.

“The property is in near-perfect physical condition and the current configuration is ideal,” Acadia vice president Jon Grisham tells GlobeSt.com. “As such, there is no current need, nor plan, for upgrade or renovation.” The company will also handle property operations. “Acadia is a fully integrated and self-managed REIT, which specializes in the acquisition, redevelopment and operation of shopping centers which are anchored by grocery and value-oriented retail,” Grisham explains. “As such we handle all of our own leasing.” It is estimated that the deal will close within the next two months.

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