CBRE announced today the sale of The Source, a 262,000 sq. ft. mixed-use, grocery-anchored property in White Plains, NY. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer represented the seller while also procuring the buyer, Hines U.S. Property Partners (“HUSPP”).
The Source is a 99% occupied, high volume Whole Foods anchored center in the heart of Downtown White Plains, NY, adjacent to The Westchester Mall. Other anchors providing a significant draw to The Source include Dick’s Sporting Goods, Raymour & Flanigan, The Cheesecake Factory, and White Plains’ new location for the DMV. Danone also leases the top floor of the property on a long-term basis for their US Headquarters.
Just off Exit 8 of I-287 (103,293 cars per day) at the corner of Maple Avenue and Bloomingdale Road (22,759 cars per day), the center is located in White Plains’ bustling CBD which includes over 24,000 housing units and million million sq. ft. of office space. White Plains has experienced a significant increase in population recently, with an impressive 7,500+ apartments having been recently delivered, under construction or proposed. The strength of the property is further highlighted by the incredible demographics nearby, highlighted by a population of 101,000 within three miles, increasing to over 212,000 within five miles and average household incomes over $190,000.
CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a Whole Foods-anchored center offering highly stable income and no near-term rollover. Whole Foods and Dicks’ recent renewals further affirm the property’s strong position within the market.”
CBRE’s David Gavin added, “We continue to see strong demand for properties like The Source, which provide long-term cash flow and an attractive rent roll in infill, high demographic markets.”
CBRE’s Metro NY National Retail Partners Team is currently marketing for sale: Stop & Shop and Chase Bank at Somers Commons, a 73,000± sq. ft. center in Somers (Westchester County), NY; Majestic Corners, a 113,000± sq. ft. grocery anchored center in Shirley (Long Island), NY; ShopRite at Greenport Towne Center, a net leased ShopRite center in Hudson, NY; and a net leased Applebee’s and TD Bank in Phillipsburg, NJ.
