Northeast

PELHAM MANOR, N.Y. — Acadia Realty Trust has sold Pelham Manor Shopping Plaza, a 228,000-square-foot retail property in Pelham Manor, for $58.5 million. Retail Properties of America Inc., a publicly traded REIT based in Chicago, purchased the property. BJ’s Wholesale Club anchors the property, which is located approximately 10 miles north of Manhattan. Developed in 2008 by Acadia, the center is 98 percent leased to a mix of national tenants, including Michaels, PetSmart, Five Below and Chase. Jeffrey Dunne and David Gavin of CBRE’s New York institutional group represented the seller and procured the buyer in the transaction.

FLORHAM PARK, N.J. — HFF has closed a sale-leaseback transaction involving two grocery-anchored retail centers totaling 220,431 square feet in New Jersey and suburban Philadelphia. HFF marketed the properties as part of a nine-property portfolio owned by The Great Atlantic & Pacific Tea Co. (A&P) and its affiliates. MCB Real Estate LLC, in conjunction with Alex Brown Realty Inc., purchased the two properties. A&P will continue to operate the Pathmark grocery stores at each of the sites. HFF closed the sale-leaseback of four freestanding Pathmark stores from this portfolio earlier this year and has sold more than 15 A&P/Pathmark-anchored supermarket centers in New Jersey and the surrounding markets for various owners during the last two years. The HFF investment sales team representing the seller was led by Jose Cruz and Andrew Scandalios, senior managing directors; Kevin O’Hearn and Jeffrey Julien, managing directors; as well as associate Marc Duval.

AVON, CONN. — Cronheim Mortgage has arranged $24 million in permanent financing for Avon Marketplace, a regional lifestyle center in Avon. The 10-year loan includes five years of interest only payment and a 30-year amortization schedule. Dev Morris and Andrew Stewart of Cronheim arranged the loan on behalf of Avon Marketplace Investors LLC. Avon Marketplace is owned and managed by an affiliate of David Adam Realty, a local operator of shopping centers. Built in the early 1990s, the property includes two freestanding buildings totaling 79,107 square feet on 17.3 acres. Avon Marketplace was fully occupied by 17 tenants at the time of sale, including ULTA, Gap, Eastern Mountain Sports, New Balance, Victoria's Secret, Starbucks Coffee and Verizon Wireless.

NORWALK, CONN. — Houlihan Parnes Realtors has arranged $5.1 million in permanent financing for a 25,000-square-foot retail center in Norwalk. The loan was used to acquire this property on behalf of a regional investor who completed a 1031 tax-deferred exchange. The five-year loan includes a fixed interest rate of 3.86 percent and a 25-year amortization schedule. The Rite Aid-anchored center also includes seven other local businesses. The lender is a New York-based commercial bank. Steve McCulloch of Houlihan Parnes Realtors arranged the financing on behalf of the borrower.