Acadia Realty Trust is continuing its conquest of retail properties in New York City.
The real estate investment trust (REIT) has acquired four storefronts along Madison Avenue on Manhattan’s Upper East Side from residential developer Naftali Group for a total of $20.7 million, according to separate property records for each of the sales. Crain’s New York Business first reported the news.
Two of the retail units purchased as part of the deal are at the base of Naftali’s 19-story luxury condo building at 1165 Madison Avenue, also known as the Bellemont. The two units — which each cover about 1,800 square feet and were acquired for $4.9 million and $7.8 million, respectively — are home to jewelry store Swarovski and cosmetics store Malin + Goetz, Crain’s reported, although the Malin + Goetz outpost appears to have closed.
The other two units in the deal are six blocks away at 1045 Madison Avenue, Naftali’s 21-story residential building called the Benson. One of the units covers 2,000 square feet and was sold for $6.4 million, while the other 800-square-foot unit traded for $1.6 million, records show. The tenants in those ground-floor units are perfume store Le Labo and Italian clothing store Davide
Cenci, according to Crain’s.
Avison Young‘s Brandon Polakoff and Brent Glodowski brokered the deal for the seller. Spokespeople for Acadia, Naftali and Avison Young did not immediately respond to requests for comment.
News of the deal comes during a major retail buying spree for Acadia across New York City. In January, Acadia and TPG Real Estate secured $289 million in acquisition financing to finalize their purchase of The Shops at Skyview Center, a 555,000-square-foot grocery-anchored retail center in Flushing, Queens, as Commercial Observer previously reported. Then in July, Acadia added two more retail properties to its growing portfolio in Williamsburg, Brooklyn. The REIT acquired a pair of two-story retail buildings at 70 North Sixth Street and 93 North Sixth Street — where current tenants include outdoor apparel brand Patagonia and shoe retailer Birkenstock — for a total of $50 million, CO reported.
Acadia also completed deals in April to buy 95 North Sixth Street, 97 North Sixth Street and 107 North Sixth Street for a total of $60 million. Before that in October, Acadia acquired a trio of retail buildings in Williamsburg at 123-129 North Sixth Street for a total of $35 million.
In Manhattan, the REIT also bought a retail co-op at 85 Fifth Avenue near Union Square for $46.8 million in April. The space is entirely leased to coffee company Nespresso.