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BETHEL, CT-Cedar Realty Trust Inc. has closed on its acquisition of Big Y Shopping Center, a 101,123-square-foot, grocery-anchored shopping center in this affluent Fairfield County suburb. The center traded for $34.5 million, unencumbered, with a CBRE team both  representing seller CE Bethel LLC and procuring the buyer.

“We are excited about the acquisition of Big Y Shopping Center as it represents a strategic shift at Cedar from defense to offense,” says Bruce Schanzer, president and CEO of the Port Washington, NY-based retail REIT. He calls the acquisition “consistent with all aspects of our strategic plan to acquire grocery-anchored centers, in the Washington, DC-to-Boston corridor, that improve our average asset quality. The acquisition was initially acquired using our line of credit, but we ultimately intend to fund it with proceeds from our capital recycling activities.”

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