Acadia Retail Trust has further expanded its presence on New York City's Bleecker Street with the acquisition of a retail co-op for $10 million. The publicly traded real estate investment trust closed on the purchase of the property located at 371-373 Bleecker Street, which houses the sportswear apparel brand Redvanly.
The deal was negotiated off-market by JLL, which represented the seller, Status Capital, led by Ralph and David Sitt. The JLL team involved in the transaction included Ethan Stanton, Brendan Maddigan, Mike Mazzara, and Hall Oster.
This acquisition follows Acadia's recent purchase of supermodel Amber Valletta's townhouse at 385 Bleecker for $9.99 million. The two five-story, mixed-use buildings at 371-373 Bleecker Street contain the retail spaces that were part of the transaction.
JLL senior managing director Ethan Stanton commented on the current retail investment landscape, stating that investors are prioritizing locations with strong tenant demand, limited supply, and long-term growth potential. He noted that the JLL team has brokered $155 million in retail acquisitions over the past two years, including several on North Sixth Street in Williamsburg that were leased to major retail brands.