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Acadia affiliate bags tony shopping center: CBRE.

An entity controlled by Acadia Realty Trust has paid $46.75 million for a shopping center in tony Bedford Hills, NY.

Jeffrey Dunne and David Gavin of CBRE Group Inc. Is New York Institutional Properties team, represented DP 40, LLC and DP 41, LLC, entities controlled by Diamond Properties, in the sale of Bedford Green in Bedford Hills.

The team was also responsible for procuring the buyer, Bedford Green LLC, an entity controlled by Acadia Realty Trust.

Bedford Green is a 120,179 s/f ShopRite anchored center located along Route 117.

Since 2008, the seller has renovated the center with a new faoade, storefronts and sidewalks, as well as Belgium block curbing and parking lot islands.

"Bedford Green is situated in a high demographic area of Westchester County with average household incomes within three miles over $147,000," said Dunne.

"The center's high volume ShopRite coupled with its high credit satellite tenants including CVS and Chase, among others, will provide stable, long-term cash flow for Acadia."

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Title Annotation:SELLING POINTS
Comment:Acadia affiliate bags tony shopping center: CBRE.(SELLING POINTS)
Publication:Real Estate Weekly
Geographic Code:1U2NY
Date:Jul 9, 2014
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