Acadia Realty Trust is obsessed with this Chicago shopping corridor

The real estate investment trust owns 16 percent of the retail space along the shopping corridor, making it the area’s largest landlord

Oct.October 31, 2019 11:00 AM
Acadia Realty Trust CEO Kenneth Bernstein and 849 (right) and 912 W. Armitage Avenue in Chicago’s North Side (Credit: VHT Studios and ICSC)

Acadia Realty Trust CEO Kenneth Bernstein and 849 (right) and 912 W. Armitage Avenue in Chicago’s North Side (Credit: VHT Studios and ICSC)

The biggest retail landlord on Armitage Avenue placed another bet on Chicago’s North Side shopping corridor.

Acadia Realty Trust bought three-story buildings at 849 and 912 W. Armitage Ave. from New York-based Jenel Management in September for $7.9 million, according to the Tribune, which cited Cook County property records and public filings by the Rye, New York-based real estate investment trust.

The buildings include apartments on the upper floors and ground-floor space leased to retailers Marine Layer and Pogo.

In total, Acadia owns 10 buildings, comprising nearly 23,000 square feet of retail space on Armitage between Halsted Street and Sheffield Avenue. Other tenants in those buildings have included companies with e-commerce origins, like Warby Parker and Bonobos.

Acadia’s footprint equates to about 16 percent of the total 141,000 square feet of retail space on Armitage’s shopping strip, making it the largest retail landlord on one of the North Side’s prime shopping corridors, according to Stone Real Estate’s annual report.

Acadia owns properties in other areas of Chicago and in many large cities across the U.S. Last month, the company sold another Lincoln Park building containing Lululemon’s new “experiential” flagship store for $32 million to New York-based Feil Organization. [Tribune] – Brianna Kelly

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