BEDFORD HILLS, N.Y. -- Bedford Green Shopping Center in Bedford Hills has been sold for $46.75 million, according to an announcement from CBRE Group, Inc., a firm involved in the deal.
According to CBRE, the property was sold by entities controlled by Diamond Properties, which are called DP 40, LLC and DP 41, LLC. The buyer is Bedford Green, LLC, which is controlled by Acadia Realty Trust. CBRE was also responsible for procuring the purchaser for the roughly 120,000-square-foot complex.
The plaza, which is bounded by Route 117 and Green Lane, has an array of tenants, including ShopRite, CVS, Panera Bread and Vine & Co. Additionally, a Chase bank branch will be opening soon.
CBRE’s announcement noted the improvements that have gone into Bedford Green under the selling ownership.
“Since 2008, the seller has performed 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 of the tenant suites.”
David Gavin and Jeffrey Dunne, who are with CBRE’s New York Institutional Properties team, were involved. In a statement, Dunne noted the area’s demographic situation and tenants.
“Bedford Green is situated in a high demographic area of Westchester County with average household incomes within 3 miles over $147,000. 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.”
Although Diamond Properties is no longer involved with the plaza, it has a number of local properties. Its properties include 333 North Bedford Road in Mount Kisco, which is home to Grand Prix New York and Saw Mill Club East, and 100 South Bedford Road, an 80,000-square-foot commercial building in Mount Kisco.