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Kite Realty Trust Trades Grocery-Anchored White Plains Retail for $50M
JLL Capital Markets secured the $50-million sale of City Center, a 361,948-square-foot, grocery-anchored retail property located in White Plains. on behalf of seller Kite Realty Trust. JLL also arranged acquisition financing in the amount of $39.2 million from a regional bank on behalf of the buyer, PropUp Group.
Located at 5 Mamaroneck Ave. in downtown White Plains, City Center is anchored by ShopRite Additional anchor and junior anchor tenants include Burlington, Nordstrom Rack, New York Sports Club and Apple Cinemas, a 15-screen movie theater. The property also includes 24 affordable apartment units.
The JLL Capital Markets Investment Sales and Advisory team was led by Kevin O’Hearn, J.B. Bruno and Jose Cruz. “White Plains is a phenomenal submarket and only getting better with more luxury residential and mixed-use developments underway,” said O’Hearn. “This led to a tremendous response for this grocery anchored, multi-level urban asset, and we’re excited to see where the buyer takes it.”
- ◦Sale/Acquisition