New York & Tri-State CRE News In Your Inbox.
Sign up for Connect emails to stay informed with CRE stories that are 150 words or less.
Whole Foods-Anchored Chappaqua Center Fetches $80M
CBRE closed the $79.5-million sale of Chappaqua Crossing, a 120,986-square-foot, grocery-anchored shopping center in Westchester County’s Chappaqua, NY. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the owner, a joint venture among an investment manager, Summit Development and The Grossman Companies, while also procuring the buyer, an investment management firm. In 2017, CBRE also structured the JV for the center’s development.
Chappaqua Crossing is newly developed and anchored by Whole Foods, Life Time Fitness, Starbucks and Chase Bank. The center is part of the redevelopment of the former Reader’s Digest headquarters.
“The offering represented a highly unique opportunity to purchase a newly-developed Whole Foods anchored center in Westchester County,” said Dunne. “Chappaqua Crossing provides highly stable income with a 14-plus-year weighted average lease term and a rent roll dominated by strong national tenants as well as additional upside through lease-up of the remaining inline suites.”
- ◦Sale/Acquisition
