Hines Acquires Whole Foods-Anchored White Plains Center
Hines has acquired The Source, a 262,000-square-foot retail center in White Plains, NY anchored by Whole Foods, for a reported $112 million. It’s the first New York-area acquisition for Hines U.S. Property Partners, the firm’s flagship commingled U.S. core-plus fund.
The Source is currently 99% occupied. In addition to Whole Foods, retail tenants include the Cheesecake Factory, Raymour & Flanigan, Dick’s Sporting Goods and the NY State Department of Motor Vehicles. Office tenants include The Hudson Gateway Association of Realtors and the U.S. headquarters of Danone.
The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer represented the seller and procured the buyer. Dunne said, “The offering represented a unique opportunity to purchase a Whole Foods-anchored center offering highly stable income and no near-term rollover.” The recent lease renewals by Whole Foods and Dick’s “further affirm the property’s strong position within the market.”