I have a Breedlove AC25/SM that I received for Christmas. I absolutely love it, but I'm wondering if the action is too high. Measuring from the top of the 12th fret to the bottom of the low e-string revealed a height of 1/8". I've done a bit of digging around and this actually seems average for a steel string acoustic.

I've only been playing for a bit over a year, and all of it was on a Fender Strat. Do I just need to get used to it? I can play barre chords on my strat fairly easily. It's a lesson in pain when I try it on the acoustic.
Yeah, acoustic guitars are notoriously harder to play than electrics. Usually it's recommended to start on acoustic cause the switch from acoustic to electric is easier than electric to acoustic.
that's about moderate action for an acoustic, certainly not high though. you've just gotta stick at it and keep practicing and you will build up the strength to play it!
you need to strap down and play on. barre chords take a lot of finger strength that you wouldn't have developped playing an electric. i've been playing acoustic about... 9-10 months now and i still occasionally get pain from barre chords. after you get used to acoustic, you'll enjoy playing your electric that much more because it just becomes that much easier.