BEDFORD HILLS, NY—An entity of Acadia RealtyTrust of White Plains, NY has acquired the BedfordGreen shopping center here for $46.75 million.

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The deal was announced by CBRE Group's InstitutionalProperties team, which represented the seller DP 40, LLCand DP 41, LLC—entities controlled by DiamondProperties of Mount Kisco, NY. CBRE's Jeffrey Dunne andDavid Gavin worked on the transaction.

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Bedford Green is a 120,179-square-foot shopping center anchoredby grocer Shop Rite. Diamond Properties hadperformed significant capital improvements to the property since2008, including a new façade, storefronts and sidewalks,installation of Belgium block curbing and parking lot islands, aswell as complete renovations to many of the tenant suites, CBREGroup states.

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“Bedford Green is situated in a high demographic area ofWestchester County with average household incomes within threemiles over $147,000,” CBRE's Dunne says. “The center's high volumeShopRite coupled with its high credit satellite tenants includingCVS and Chase, among others, will provide stable, long-term cashflow for Acadia. I expect the center will perform very well in thelong run given its high income, infill location.”

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John Jordan

John Jordan is a veteran journalist with 36 years of print and digital media experience.