Acadia Realty Trust has formed a strategic relationship with J.P. Morgan Asset Management to pursue the acquisition of retail assets, including assets currently owned by the company.
This strategic relationship commenced with the company selling a 95 percent interest in Shops at Grand, a grocery-anchored shopping center located in Maspeth, N.Y., to J.P. Morgan Real Estate Income Trust, which is externally advised and sponsored by J.P. Morgan Investment Management, for a gross purchase price of $48 million (exclusive of closing costs). The company will continue to manage day-to-day operations, entitling it to earn management, leasing and construction fees, along with the opportunity to earn a promote upon the ultimate disposition of the asset.
The company intends to use the net proceeds to accretively invest in higher-growth street retail assets and to reduce leverage.
“We're excited to announce the addition of J.P. Morgan into our Investment Management Platfor
