CBRE’s National Retail Partners, consisting of Nat Heald, Jeffrey Dunne and David Gavin, successfully represented DRA Advisors and KPR Centers in the sale of Bethel Shopping Center located at 83 Stony Hill Rd. in Bethel, CT. The buyer was procured by CBRE as well and identified as Phillips Edison & Company. The terms of the transaction were not disclosed.
Bethel Shopping Center is a highly desirable property situated in an affluent Fairfield County market spanning over 101,105 square feet with a 91% occupancy rate. It boasts strong anchor tenants such as Big Y Supermarket, Starbucks and Dollar Tree along with other notable retailers like Great Clips, Quest Diagnostics and Casa Tequila.
According to CBRE’s National Retail Partners team: “The center has an attractive rent roll with stable income due to its strong grocery anchor tenant and long-term leases. There is also potential for further upside through leasing opportunities for the well-positioned pad along Route 6.” They also noted that there is currently high demand for grocery-anchored properties nationwide but limited supply available to meet investor demand.
In recent news from Connect CRE , it has been reported that Phillips Edison & Company has acquired a popular grocery-anchored shopping center located in Fairfield County known as Bethel Shopping Center at 83 Stony Hill Rd., thanks to the efforts made by Nat Heald,Jeffrey Dunne,and David Gavin from CBRE’s National Retail Partners who represented DRA Advisorsand KPR Centersin this successful sale transaction.However,the exact details regarding this acquisition have not been disclosed yet.
Situated within one of Connecticut’s most affluent areas,BethelShoppingCenter spans overan impressive areaof101105-square-footwitha remarkable occupancy rateof91%.This popular shopping destinationis anchoredby some major retail giantslikeBig Y Supermarket,Casa Tequila,and Starbucksalongsideother prominent names likeGreat Clipsand Quest Diagnostics.
In a statement released by CBRE’s National Retail Partners, they mentioned that “Bethel Shopping Center is an attractive investment opportunity due to its stable income generated from long-term leases and strong anchor tenants like the grocery giant Big Y Supermarket. Additionally, there is potential for further growth through leasing opportunities for the well-positioned pad along Route 6.” They also highlighted that there has been a significant demand for grocery-anchored properties across the country but limited supply available to meet this growing investor demand.
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