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.”
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 GlobeSt.com 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).