Acadia Realty Trust announced that it has successfully closed on several previously-announced core portfolio acquisitions in Chicago, IL – the $146.9 million purchase of the Sullivan Center Retail and the $150.0 million purchase of the five-property Smithfield Portfolio. In August 2016, Acadia completed the acquisition of the approximately 200,000-square foot retail portion of the Sullivan Center, in Chicago, IL, for $146.9 million. The Sullivan Center is located on a prominent corner on State St, the Chicago Loop's main shopping corridor. The property, which is currently 99% occupied, is anchored by Target and DSW and benefits from solid in-place tenancy, below-market leases and strong demographics, consistent with Acadia's other assets in the submarket.
Acadia also announced the official retirements of Jonathan Grisham, previously Senior Vice President and Chief Financial Officer, and Robert Masters, Senior Vice President and Senior Legal Counsel, (collectively, the “Retiring Executives”) effective September 30, 2016. The Company had previously announced the Retiring Executives' intention to retire. Both Mr. Grisham and Mr. Masters have been with the Company since its inception in 1998 and have successfully transitioned their responsibilities to their successors – John Gottfried and Jason Blacksberg, respectively.
Acadia Realty Trust is a fully integrated equity real estate investment trust (REIT). The Company is focused on the ownership, acquisition, development, and management of retail properties located primarily in high-barrier-to-entry, supply-constrained, densely populated metropolitan areas in the United States. The Company operates through three segments: Core Portfolio, Funds and Structured Financing. The Company's Core Portfolio segment consists primarily of retail properties located primarily in high-barrier-to-entry, densely populated metropolitan areas with a long-term investment horizon. The Company's Funds segment holds primarily retail real estate in which the Company co-invests with high-institutional investors. The Company's Structured Financing segment consists of earnings and expenses related to notes and mortgages receivable, which are held within the Core Portfolio or the Funds. The Company has ownership interests in approximately 201 properties within its core portfolio.
ACADIA REALTY TRUST 
