Acadia Realty buys Bedford Green shopping center

Bedford Green, on Route 117 in Bedford Hills.
Bedford Green, on Route 117 in Bedford Hills.

Acadia Realty Trust, a publicly traded real estate investment trust based in White Plains, paid $46.75 million to acquire Bedford Green,  an approximately 120,000-square-foot shopping center on Route 117 in Bedford Hills. The retail center is anchored by a ShopRite supermarket.

The seller, Diamond Properties L.L.C. in Mount Kisco, paid $36.1 million for the property in 2008. CBRE Group Inc., which announced the deal, said Diamond  has made significant capital improvements to the center, including a new façade, storefronts and sidewalks, installation of Belgium block curbing and parking lot islands as well as complete renovations to many tenant suites.

Jeffrey Dunne and David Gavin, of CBRE Group”™s New York institutional properties team, represented the Diamond entities that owned the center and found the buyer. Acadia also owns the approximately 309,000-square-foot Crossroads Shopping Center in the town of Greenburgh, the 750,000-square-foot Cortlandt Town Center and the approximately 173,000-square-foot Cortlandt Crossing in the town of Cortlandt.

Dunne in a press release said Bedford Green is well situated in an area of the county with average incomes of more than $147,000 for households within three miles of the center. “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,” he said.