In sync with the strategy of strengthening its presence in the dynamic San Francisco market, Acadia Realty Trust AKR is continuing with its acquisition activities in San Francisco, CA. In fact, during fourth-quarter 2015, this Rye, NY-based retail real estate investment trust (“REIT”) made total street-retail investment worth $55.2 million in its Fund IV portfolio, which will likely be accretive for the company, going forward.
Acadia Realty is primarily focused on ownership, acquisition, redevelopment and management of neighborhood and community shopping centers. Notably, in Nov 2015, the REIT acquired 146 Geary St, Union Square, a four-story building spanning 12,400 square feet, for $38 million. Actually, the company acquired this property, situated in the dynamic Union Square shopping district of San Francisco, in association with City Center Realty Partners, LLC (“CCRP”).
In addition, last month, Acadia Realty acquired two street-retail properties – 2207-2211 Fillmore St and 1861-1863 Union St – in collaboration with Prado Group (“Prado”) for $8.6 million. Prior to that in Oct 2015, the joint venture between Acadia and Prado bought 2208-2216 Fillmore St, for $8.6 million.
Acadia Realty currently carries a Zacks Rank #3 (Hold).
Investors interested in the retail REIT space may consider stocks like Retail Properties of America, Inc. RPAI, CBL & Associates Properties Inc. CBL and National Retail Properties, Inc. NNN. While Retail Properties of America sports a Zacks Rank #1 (Strong Buy), both CBL & Associates Properties and National Retail Properties hold a Zacks Rank #2 (Buy).
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