The Bethel Shopping Center, a 101,2050-square-foot retail plaza in Bethel, Connecticut, was sold to the real estate investment trust Phillips Edison & Company (NASDAQ: PECO).
The property is 91% leased and anchored by Big Y Supermarket, Starbucks and Dollar Tree; other tenants include Great Clips, Quest Diagnostics and Casa Tequila. The terms of the transaction were not disclosed – the property last changed hands in 2013 when Cedar Realty Trust bought it for $34.5 million.
Nat Heald, Jeffrey Dunne and David Gavin of CBRE’s National Retail Partners represented the seller and procured the buyer. In a statement, Phillips Edison said the acquisition “provides an excellent opportunity to expand our presence in Connecticut,” adding the company intended to “enhance the center’s connection with the neighborhood while continuing to look for additional acquisition opportunities that align with our grocery-anchored acquisition strategy.”
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