ADVERTISEMENT
Acadia Realty Trust in White Plains has sold its 5-year-old Pelham Manor Shopping Plaza for approximately $58.5 million to Retail Properties of America Inc., a publicly traded real estate investment trust based in Chicago.
Developed in 2008 by Acadia, the approximately 228,000-square-foot shopping center on Pelham Parkway is anchored by BJ”™s Wholesale Club and includes national tenants Michaels, PetSmart, Five Below and Chase Bank. The property is 98 percent leased, according to a spokesperson at CBRE Inc.
Jeffrey Dunne and David Gavin of CBRE”™s New York Institutional Group represented Acadia Realty Trust in the sale and also procured the buyer.
