Acadia Realty Trust To Sell Two Assets For $192.4 Mln

(RTTNews) - Acadia Realty Trust (AKR) announced Thursday that it has entered into a contract to sell Pelham Manor Shopping Plaza, located in Pelham Manor, New York, and Fordham Place, located in the Bronx, New York, for a combined gross sale price of $192.4 million.

These assets were redeveloped by Acadia Strategic Opportunity Fund II, LLC in connection with its New York Urban/Infill Redevelopment Initiative.

This transaction, when completed, will continue the profitable monetization of Acadia's Fund II.

The closing of this transaction is subject to customary closing conditions and, as such, no assurance can be given that the Company will successfully complete this transaction, the company noted.

The transaction is anticipated to occur prior to the end of 2013.