{"id":1004733727,"date":"2024-10-21T06:37:07","date_gmt":"2024-10-21T14:37:07","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004733727"},"modified":"2024-10-21T06:38:58","modified_gmt":"2024-10-21T14:38:58","slug":"dra-advisors-jv-sells-connecticut-shopping-center","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/dra-advisors-jv-sells-connecticut-shopping-center\/","title":{"rendered":"DRA Advisors JV Sells Connecticut Shopping Center"},"content":{"rendered":"\n<p>DRA Advisors and KPR Centers have sold Bethel Shopping Center, a 101,105-square-foot shopping center in Bethel, Conn. Phillips Edison &amp; Co. acquired the asset, in a transaction brokered by CBRE.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Bethel-Shopping-Center-e1729509277722.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"3496\" height=\"2624\" data-attachment-id=\"1004733728\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-jv-sells-connecticut-shopping-center\/bethel-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Bethel-Shopping-Center-e1729509277722.jpg\" data-orig-size=\"3496,2624\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;13&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;ILCE-7M3&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1715279639&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;35&quot;,&quot;iso&quot;:&quot;160&quot;,&quot;shutter_speed&quot;:&quot;0.0125&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Bethel Shopping Center\" data-image-description=\"&lt;p&gt;Bethel Shopping Center. Image courtesy of CBRE&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Bethel Shopping Center. Image courtesy of CBRE&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Bethel-Shopping-Center-e1729509277722.jpg?w=1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/10\/Bethel-Shopping-Center-e1729509277722.jpg\" alt=\"Exterior shot of Bethel Shopping Center\" class=\"wp-image-1004733728\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Bethel Shopping Center came online in 2007. <em>Image courtesy of CBRE<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Bethel Shopping Center\u2014along with 32 other grocery-anchored retail properties\u2014was acquired by DRA and KPR from Cedar Realty Trust in 2022, in a portfolio transaction totaling approximately $879 million, including assumed debt. CBRE acted as the real estate advisor for the seller back then as well.<\/p>\n\n\n\n<p>Cedar had purchased the asset in 2013 from Ceruzzi Properties for $34.5 million, according to CommercialEdge data. <\/p>\n\n\n\n<p>Bethel Shopping Center came online in 2007. Anchored by Big Y Supermarket, Starbucks and Dollar Tree, the retail center has a diverse mix of national and regional tenants such as Great Clips, Athlete\u2019s Source, Quest Diagnostics, Casa Tequila and Weight Watchers. At the time of the deal, the property was 91 percent leased.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/shopping-changed-dramatically-retail-design-is-one-step-ahead\/\">Shopping Changed Dramatically. Retail Design Is One Step Ahead.<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Situated on some 11 acres at 83 Stony Hill Road, Bethel Shopping Center serves around 32,000 individuals within a 3-mile radius, with the average household income of approximately $140,000, according to CBRE. The property is near U.S. Route 6, which provides direct access to several residential neighborhoods and Interstate 84.<\/p>\n\n\n\n<p>Executive Vice President Nat Heald, Vice Chair Jeffrey Dunne and Senior Vice President David Gavin of CBRE\u2019s National Retail Partners worked on behalf of the seller. CBRE also procured the buyer.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-interest-in-retail-portfolios\">Interest in retail portfolios<\/h2>\n\n\n\n<p>Recent <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">retail trends<\/a> indicate that investors have been actively purchasing portfolios. Earlier this year, KPR acquired <a href=\"https:\/\/www.commercialsearch.com\/news\/kpr-centers-pays-180m-for-retail-portfolio\/\">a 1.5 million-square-foot retail collection<\/a> in Florida and the Midwest for $180 million. Kimco Realty Corp. sold the eight assets.<\/p>\n\n\n\n<p>In another deal brokered by CBRE, a joint venture between a fund managed by DRA Advisors and Soundwater Properties recently purchased <a href=\"https:\/\/www.commercialsearch.com\/news\/dra-advisors-jv-buys-new-jersey-grocery-anchored-portfolio\/\">a three-property, 376,462-square-foot shopping center portfolio<\/a> in Ocean County, N.J. Each center is anchored by a ShopRite store.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>CBRE represented the seller and procured the buyer.<\/p>\n","protected":false},"author":3014,"featured_media":1004733728,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,10,21749],"tags":[32789,33919,52150],"class_list":["post-1004733727","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-northeast","category-retail","tag-cbre","tag-dra-advisors-llc","tag-kpr-centers"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>DRA Advisors JV Sells Connecticut Shopping Center - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"DRA Advisors and KPR Centers sold Bethel Shopping Center, a retail property in Bethel, Conn. 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