The Acadia Realty Trust (NYSE: AKR) and Washington Square Partners (WSP) team is uniquely positioned to develop the City Point project, as they possess the financial strength and experience that is necessary to develop a large-scale, mixed-use project in Brooklyn. The City Point project team includes award-winning architects and engineers who are dedicated to designing a complex with a critical mass of retail and an iconic skyline presence.
Acadia Realty Trust is a fully-integrated equity real estate investment trust (“REIT”) that is focused on the acquisition, redevelopment, ownership, and management of high-quality retail properties and urban/infill mixed-use properties with a strong retail component, located primarily in high-barrier-to-entry, densely-populated metropolitan areas along the East Coast and in Chicago. As of June 30, 2011, Acadia owned, or had an ownership interest in, 84 properties through its core portfolio and three opportunistic/ value-add investment funds, including a high concentration of urban/street-retail properties located in highly-trafficked, supply-constrained markets that range from Fordham Road in the Bronx and Fulton Street in Brooklyn to Lincoln Road in Miami Beach and Lincoln Park in Chicago.
Formed in 1993 as Mark Centers Trust, and recapitalized and renamed Acadia Realty Trust in 1998, the company has achieved significant success in its acquisition and redevelopment activities, earning an average 17.4% annual compounded total return for the ten-year period ended August 26, 2011. Its strengths include an experienced management team with a proven track record, a portfolio of high-quality retail properties, and the financial stability and resources to enhance existing assets while growing the portfolio through a disciplined and opportunistic external growth program.