09:14 AM EDT, 05/20/2024 (MT Newswires) -- Acadia Realty Trust ( AKR ) said Monday it has partnered with JPMorgan Chase's ( JPM ) Asset Management to acquire retail assets.

The company said it previously sold a 95% interest in Shops at Grand, a grocery-anchored shopping center, to J.P. Morgan Real Estate Income Trust for $48 million. Acadia will continue to manage the property, earning fees and potentially additional profit upon the asset's sale, the company added.

Acadia said it intends to use the net proceeds from this sale to invest in higher-growth street retail assets and to reduce debt.