TPG And Kenneth F. Bernstein Of Acadia Realty Trust Acquire Retail Asset From Stephen A. Schwarzman

The property involved in this transaction is a retail asset located at 40-24 College Point Boulevard, Flushing, with a total square footage of 555,000 and a sale price of $425,000,000. The property was sold at a price per square foot of $766.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $425,000,000
• Address: 40-24 College Point Boulevard
• Market: Flushing
• Square Footage: 555,000
• Price Per Square Foot: $766
• Buyer: TPG & Kenneth F. Bernstein - Acadia Realty Trust
• Seller: Stephen A. Schwarzman - Blackstone
• Brokers: Adam Spies, Adam Doneger and Ben Lushing - Newmark

The transaction is a significant deal where Blackstone is under contract to sell The Shops at Skyview to a venture between TPG and Acadia Realty Trust, as confirmed by a person familiar with the deal.