Bethel Hub Shopping Center Sells for $9M

The Bethel Hub Shopping Center has been sold to Urstadt Biddle Properties, Inc. for $9M. The center sold in conjunction with the parking lot across the street. Urstadt Biddle Properties specializes in investing in “grocery or drugstore anchored shopping centers in the suburban areas surrounding New York City”. The center sold fully occupied.

The 30,940 square foot shopping center is located at 289 Greenwood Avenue, on the corner of Greenwood Avenue and Grassy Plain Street in Bethel. The Bethel Hub Shopping Center was constructed in the 1950’s and underwent additions in 1967 and 1977. The center has two anchor tenants, a 7,596 square foot Rite Aid Pharmacy, and a 13,884 square foot liquor store. Other tenants such as People’s Bank, Pizzeria Lauretano, and a Laundromat occupy space in the center.