Retail Properties of America, Inc., (RPAI) has scooped up its second property in as many weeks in a $133.9 million deal to buy Fordham Place in The Bronx.
Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented both RPAI and seller, Acadia Strategic Opportunity Fund II, LLC, a subsidiary of Acadia Realty Trust.
Just last week, RPAI closed on the sale of Pelham Manor Shopping Plaza, a 228,000 s/fcommunity center anchored by BJ’s Wholesale located in Pelham Manor, New York. The total transaction size of both properties was approximately $192.4 million.
Fordham Place is a 262,000 s/f, Class A mixed use retail/office property located across from Fordham University and the Metro North train station in the heart of the Fordham Road retail corridor, one of New York City’s busiest commercial areas.
The property is accessible to the 1.2 million residents within a three mile radius and is 100% leased to a mix of national retailers (Sears, Best Buy, Walgreens) and government service and not-for-profit office tenants, providing stable in-place income. The property was redeveloped in 2009 and is LEED Gold certified.
Shane Garrison, executive vice president, chief operating officer and chief investment officer of RPAI, said, “As we continue to refine our portfolio and optimize our operating platform, sourcing compelling opportunities in our target markets will be a key component of our strategy and these acquisitions represent a substantial first step in this initiative.”
Dunne commented, “Pelham Manor and Fordham Place provided a unique opportunity for RPAI to significantly increase its holdings in the New York market. Both assets provide a combination of strong in-place NOI with long term leases to national and credit tenants as well as prime locations in extremely dense, infill markets.”
