White Plains-based Acadia Realty Trust in Brooklyn deal
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- February
- 23
Acadia Realty Trust, a real estate investment trust in White Plains, said this morning it will buy leasehold rights to a property in downtown Brooklyn for $120 million and build a 1.6-million-square-foot, mixed-use complex called “The Center at Albee Square.�
The company said the purchase includes rights to The Gallery at Fulton Street and a nearby parking garage. The new development will include retail, office and residential space and will contain energy-saving features.
The company said Paul Travis of Washington Square Partners and MacFarlane Partners, a minority-owned real estate management firm, are also involved in the plans.
Acadia shares closed yesterday at $27.88, down 10 cents.
This entry was posted
on Friday, February 23rd, 2007 at 10:31 am by Allan Drury.
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Category: Expansion
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