Buying Big in the Bronx

Fordham Place

Fordham Place, Bronx

Retail Properties of America, an Oak Brook, Ill., real estate investment trust, has bought a Bronx mall and a suburban New York shopping center in a deal valued at more than $192 million, according to an article on the Commercial Property Executive website.

The properties are Fordham Place, which includes offices as well as retail and is a Metro North train stop, is 262,000 and cost $133.9 million, and Pelham Manor Shopping Plaza--in Westchester County's Pelham Manor, N.Y., about 10 miles north of Manhattan--a 228,000-square-foot facility which contains a BJ’s Wholesale warehouse.  The Pelham retail plaza cost about $58.5 million.

 

Both properties were sold by Acadia Realty Trust, a White Plains, N.Y.,-based REIT that focuses on retail properties.

Full details including satellite mapping for the properties are still on the Acadia site. Fordham Place, which includes a Sears and a Best Buy, can be found here, and the five-year-old Pelham Manor can be found here

Commercial Property Executive reports that last year, Acadia sold the Carnarsie Plaza shopping center in Brooklyn for $124 million.

The article says that Jeffrey Dunne and David Gavin of CBRE’s New York Institutional Group represented the Acadia fund that owned the properties.

 

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