Acadia Realty Trust has returned to Brooklyn’s Williamsburg neighborhood just two weeks after purchasing a portfolio there. According to the New York Business Journal, the REIT paid $19 million for 109 N. Sixth St., which is currently occupied by retailer Madewell.
Madewell, known for its denim products, opened at this location in the spring and signed a 10-year lease for 8,300 square feet of space across both floors of the building late last year. The property was previously owned by London-based REIT Mark Capital Management who purchased it for $8.5 million in August 2017 and began renovations shortly after.
This recent acquisition adds to Acadia’s growing presence in Williamsburg as they also recently purchased three other retail properties housing Lululemon and Partners Coffee Cafe & Roastery for $35 million. Other REITs are also showing interest in acquiring retail spaces within this popular neighborhood.
