Inland Diversified Real Estate Trust Inc., in a joint venture with affiliates of Cappelli Group Inc., acquired a majority interest in City Center in White Plains, a 381,905-sq.-ft.property in White Plains, N.Y.
City Center in White Plains, which the joint venture values at $166.4 million, contains a shopping center anchored by ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble, as well as 24 apartment units. It is located adjacent to the Ritz-Carlton, The Residences at the Ritz Carlton and the Trump Tower at City Center, and shadow-anchored by a 154,241-sq.-ft. Target P-Fresh store.
The joint venture includes 99-year air rights over the apartments and parking garage portion of City Center. The five-level, 2,270-space parking garage is owned and operated by the city of White Plains.
“I believe City Center at White Plains to be the best infill, in-city property purchase ever facilitated by Inland Real Estate Acquisitions,” said Joe Cosenza, president of Inland Real Estate Acquisitions and vice chairman of Inland Real Estate Group, in a statement. “The apartment units are in high demand, and are currently fully leased, with a waiting list. The strong line-up of high-profile retail tenants is supported by very strong demographics, including average household incomes of $115,000 within a three-mile radius of the center.”
Cosenza handled the transaction on behalf of Inland. Jeff Dunne, Steven Bardsley and David Gavin, of CBRE, represented Cappelli Group.