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New York & Tri-State  + Fairfield/Westchester  + Retail  | 
Hines U.S. Property Partners, a commingled core-plus fund, has made its first acquisition in the New York area, The Source in White Plains, NY

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.” 


Inside The Story

CBRE's Dunne

About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).