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BRONX, NY-A joint venture of White Plains-based Acadia RealtyTrust and P/A Associates plans an estimated $35- to $40-millionredevelopment of a site at 400 East Fordham Rd. here that iscurrently home to a Sears, whose lease expires in 2007. Sears hasbeen in the site near Fordham University for 40 years. There is apotential of as much as 85,000 sf of expansion on the site. MilesMahony of NAI Friedland Realty represented both the buyer andseller.

"Fordham Road is a unique, high barrier-to-entry market which iscurrently underserved by national retailers," says Kenneth F.Bernstein, Acadia's president and CEO. According to New York Citystatistics, Fordham Road is the strongest retail area in theborough and is the third largest retail corridor in all of New YorkCity, with over 650,000 people in a two-mile radius and annualretail sales in excess of $500 million.