:no_upscale():quality(75))
Photo credit: The Walgreen Co
Acadia Realty Trust and Smithfield Properties agreed to a major $150M deal for five retail properties on the North Side and downtown.
Acadia is buying five properties in Lincoln Park, Bucktown and Logan Square. The crown jewel of the deal is Walgreens downtown flagship store at State and Randolph streets. Acadia is assuming nearly $60M in debt on the properties, according to Crain's.
The total footprint of the portfolio is close to 184k SF and includes a Walgreens-anchored center at State and Washington, and North & Kingsbury Center in the Clybourn Corridor. There's tremendous upside to that asset, as the rents are below market rate. The deal is just the latest eye-popping retail transaction in the past two months. [Crain's]
