BEDFORD HILLS, NY—An entity of Acadia Realty Trust of White Plains, NY has acquired the Bedford Green shopping center here for $46.75 million.

The deal was announced by CBRE Group's Institutional Properties team, which represented the seller DP 40, LLC and DP 41, LLC—entities controlled by Diamond Properties of Mount Kisco, NY. CBRE's Jeffrey Dunne and David Gavin worked on the transaction.

Bedford Green is a 120,179-square-foot shopping center anchored by grocer Shop Rite. Diamond Properties had performed significant capital improvements to the property since 2008, including a new façade, storefronts and sidewalks, installation of Belgium block curbing and parking lot islands, as well as complete renovations to many of the tenant suites, CBRE Group states.

“Bedford Green is situated in a high demographic area of Westchester County with average household incomes within three miles over $147,000,” CBRE's Dunne says. “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. I expect the center will perform very well in the long run given its high income, infill location.”