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Acadia Realty Trust Provides Fund Transaction Update
RYE, N.Y.–(BUSINESS WIRE)–Acadia Realty Trust (NYSE:AKR) (“Acadia” or the “Company”) today
announced that, subsequent to the first quarter of 2019, the Company
completed $83 million of fund acquisitions. Year to date, the Company
has completed $131 million of fund acquisitions, with another $56
million currently under contract. These transactions are consistent with
the funds’ opportunistic and value-add strategies.
“Our 2019 fund investment activity is off to strong start,” stated
Kenneth F. Bernstein, President & CEO of Acadia Realty Trust. “Under the
leadership of Reggie Livingston and Jessica Zaski, and with the efforts
of the entire Acadia team, we have already completed several attractive
acquisitions on behalf of our fund platform and anticipate that 2019
will continue to be an active year for fund transactions.”
FUND PLATFORM
Fund Acquisitions – High Yield
Palm Coast Landing, Palm Coast, FL. In May, Fund V completed the
acquisition of Palm Coast Landing, a 171,000-square foot shopping center
located in Palm Coast, FL, for $37 million. This property, anchored by
Ross Dress for Less, TJ Maxx and Michael’s, is the dominant shopping
center in its market.
The Family Center at Riverdale, Riverdale, UT. As previously
reported, in March, Fund V, in partnership with CCA Acquisitions,
completed the acquisition of The Family Center at Riverdale, located in
Riverdale, UT (Salt Lake City MSA), for approximately $48 million. The
Family Center at Riverdale is a 428,000-square foot, Target-anchored
power center. It is the dominant center on Riverdale Road, the main
shopping corridor in the growing Riverdale/Ogden market. Along with
Target, the center’s major tenants include Best Buy, PetSmart and
Sportsman’s Warehouse. Riverdale is also shadow anchored by Walmart,
Sam’s Club and Home Depot.
These two investments are consistent with the Fund platform’s high-yield
opportunistic strategy.
Fund Acquisitions – Value Add
Tri-City Plaza, Vernon, CT. In May, Fund V, in partnership with
DLC Management Corp., purchased Tri-City Plaza, a 300,000-square foot
center located in Vernon, CT, for $36 million. The joint venture intends
to redevelop the TJ Maxx and HomeGoods-anchored center. The
redevelopment plan includes bringing in a new best-in-class grocer,
which will drive additional traffic to this high-quality asset. Fund V
is a 90% partner in the joint venture.
110 University Pl, New York, NY. In May, Fund IV closed on a
ground lease interest in the commercial portion of a newly-constructed,
high-end condominium building, located at 110 University Pl in the Union
Square submarket of Manhattan, for $10 million. The commercial unit
includes at-grade retail and a parking garage. Located immediately south
of Union Square Park, 110 University Pl is well-located on a
high-foot-traffic, high-energy corridor. The Company is already in
active discussions with several retailers to lease the available space.
This acquisition was identified during Fund IV’s investment period,
which concluded in 2016.
Fund Acquisitions – Under Contract
Lincoln Commons, Lincoln, RI. Fund V is currently under contract
to purchase Lincoln Commons, a 450,000-square foot shopping center
located in Lincoln, RI, for $56 million. The property is located 8 miles
from downtown Providence and is anchored by Stop & Shop, Target
(shadow), Marshalls and HomeGoods. As the dominant center in the region,
this higher-yielding asset has a diverse mix of necessity,
entertainment, food and soft goods retailers to complement the strong
anchor tenancy.
No assurance can be given that the Company will successfully close on
the remaining acquisitions under contract, which are subject to
customary closing conditions.
About Acadia Realty Trust
Acadia Realty Trust is an equity real estate investment trust focused on
delivering long-term, profitable growth via its dual – core and fund –
operating platforms and its disciplined, location-driven investment
strategy. Acadia Realty Trust is accomplishing this goal by building a
best-in-class core real estate portfolio with meaningful concentrations
of assets in the nation’s most dynamic urban and street-retail
corridors; making profitable opportunistic and value-add investments
through its series of discretionary, institutional funds; and
maintaining a strong balance sheet. For further information, please
visit www.acadiarealty.com.
Safe Harbor Statement
Certain matters in this press release may constitute forward-looking
statements within the meaning of federal securities law and as such may
involve known and unknown risks, uncertainties and other factors that
may cause the actual results, performances or achievements of Acadia to
be materially different from any future results, performances or
achievements expressed or implied by such forward-looking statements.
These forward-looking statements include statements regarding Acadia’s
future financial results and its ability to capitalize on potential
investment opportunities. Factors that could cause Acadia’s
forward-looking statements to differ from its future results include,
but are not limited to, those discussed under the headings “Risk
Factors” and “Management’s Discussion and Analysis of Financial
Condition and Results of Operations” in Acadia’s most recent annual
report on Form 10-K filed with the SEC on February 19, 2019 (“Form
10-K”) and other periodic reports filed with the SEC, including risks
related to: (i) political and economic uncertainty; (ii) Acadia’s
reliance on revenues derived from major tenants; (iii) Acadia’s limited
control over joint venture investments; (iv) Acadia’s partnership
structure; (v) real estate and the geographic concentration of Acadia’s
properties; (vi) market interest rates; (vii) leverage; (viii) liability
for environmental matters; (ix) Acadia’s growth strategy; (x) Acadia’s
status as a REIT; (xi) uninsured losses; (xii) information technology
security threats and (xiii) the loss of key executives. Copies of the
Form 10-K and the other periodic reports Acadia files with the SEC are
available on Acadia’s website at www.acadiarealty.com.
Any forward-looking statements in this press release speak only as of
the date hereof. Acadia expressly disclaims any obligation or
undertaking to release publicly any updates or revisions to any
forward-looking statements contained herein to reflect any change in
Acadia’s expectations with regard thereto or change in events,
conditions or circumstances on which any such statement is based.
Contacts
Amy L. Racanello (914) 288-8100
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Cannabis
Sannabis, Inc. (OTC: USPS) Announces First Shipment of Cannabis Essential Oil from Colombia to U.S. to Fill First Order, as the DEA Re-Classifies Marijuana from Schedule I to Schedule III
Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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