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Bethel shopping center sold for $34.5 million

The Big Y shopping Plaza in Bethel has been sold for more than $34 million.  Cedar Realty Trust purchased the shopping center on Stony Hill Road.  The 101,000 square foot, fully-occupied, grocery-anchored shopping center was acquired for $34.5 million, unencumbered.


The company said they are working to put more shopping centers anchored by grocery stores along the East Coast.  In a press release, the company said the shopping center is part of a solid trade area with average five-mile household income of $92,000 and a population of 103,000.


Bruce Schanzer, President and CEO said the acquisition was initially acquired using a line of credit, but that the company ultimately intend to fund it with proceeds from capital recycling activities.