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New York Commercial Real Estate

WHITE PLAINS RETAIL SELLS

Affiliates of Cappelli Group sold a JV majority interest in White Plains’ City Center Retail—a 382k SF, grocery-anchored retail and apartment property at Main Street and Martine and Mamaroneck avenues—to Inland Diversified Real Estate Trust, announced this morning. The price wasn't disclosed, but the JV values the property at $166M. The property includes a ShopRite, Toys R Us, Nordstrom Rack, National Amusements theater, Barnes & Noble, and New York Sports Club. The buy includes 99-year air rights over the parking garage, which houses the sports club and 24 apartment units. CBRE’s Jeffrey Dunne, Steven Bardsley, and David Gavin brokered the deal.

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