owntown store frontage, shunned by retail
investors a few decades ago, has come back big in the eyes of reits
and upscale merchants. both are competing vigorously for street-re-
tail sites, encouraged by the residential flight back to the urban cores.
growing numbers of retail reits, including acadia realty trust,
general growth Properties and regency Centers Corp., have joined
seasoned urban veterans such as Vornado realty trust and forest
City enterprises in staking out — and bidding up — street-retail spaces.
"street retail used to be sort of a cottage industry with a small group
of players, but not anymore," said alexander goldfarb, a managing
D
baCk to the City
with cities becoming popular places to live again, reits
are jostling one another to buy urban retail property
By Steve McLinden
j u l y 2 0 1 5 / S C T 41
A C A D I A R E A L T Y T R U S T P A I D A B O U T $ 1 4 4 . 3 M I L L I O N F O R
8 4 0 N O R T H M I C H I G A N A V E . , C H I C A G O , L A S T Y E A R .