Acadia Looking to Offload Five-Building Chicago Portfolio

New York-based Acadia Realty Trust brought on Newmark brokers to sell five retail buildings that border Lincoln Park and Lakeview anchored by a grocery store.

The full five building portfolio is expected to sell for around $60 million, according to Crain’s. The total amount of space is pegged at 103,526 square feet, and its largest building is leased by a combination of Trader Joe’s, T.J. Maxx, Sephora and others.

Newmark marketing materials say that the five buildings at the corner of Clark Street and Diversey Parkway are 95 percent occupied, and that they have a net operating income of $3.9 million. The weighted average lease term is 5.4 years. Keely Polczynski, Conor Lalor and Brian Schneiderman are the Newmark brokers marketing the building for sale.

The individual addresses for the five buildings are 2731 North Clark Street and 639, 662, 613-623 and 651-671 West Diversey Parkway, according to the outlet.

Acadia assembled the five building portfolio over seven years, from 2007 to 2012. When added up, the company spent $51.2 million for the buildings, according to the outlet, which cited Cook County property records.

The company’s influence is felt across Chicagoland and the rest of the county. Acadia owns property in the Magnificent Mile and Lincoln Park, a number of which are fully leased, according to their website. In Acadia’s latest acquisitions section on their website, they list the Newbury Street Collection in Boston as well as 225 Worth Avenue in Palm Beach.

The property in Boston sits in the Back Bay, one of the city’s “live, work, play” neighborhoods, according to the website. Newbury Street is Boston’s notable luxury shopping district, and the property holds leases from Cartier and Chanel. The Palm Beach location boasts Gucci, G/FORE and J. McLaughlin. Acadia bought the 9,900-square-foot location for $43 million, or $4,343 per square foot.

— Hunter Cooke