Real Estate
New Owner Buys Big Y Shopping Center for $34.5 Million
Holding company out of Port Washington, NY purchased Big Y shopping center this week.
The shopping center anchored by Big Y at the intersection of Stony Hill Road and Old Hawleyville Road sold to new owners Cedar Realty Trust on Wednesday for $34.5 million.
The new holding company purchased the strip mall as part of a business model to acquire strong shopping centers anchored around grocery stores, according a company-issued release on PR Newswire.
"We are excited about the acquisition of Big Y Shopping Center as it represents a strategic shift at Cedar from defense to offense,” President and CEO Bruce Schanzer said in the release. “The acquisition is consistent with all aspects of our strategic plan to acquire grocery-anchored centers, in the Washington, DC to Boston corridor, that improve our average asset quality.”
The release noted that the shopping center is located on a main commercial corridor — Route 6 — and is “part of a solid trade area with average 5-mile household income of $92,000 and a population of 103,000.”
Cedar Realty recorded the property transfer with the Town Clerk’s Office on Nov. 19 under the name Cedar-Bethel LLC.
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