City Center in White Plains Goes to JV

WHITE PLAINS,NY-The majority interest in City Center here was sold to a joint venture between Cappelli Group, Inc and Inland Diversified Real Estate Trust, Inc. The retail-heavy property is valued at approximately $166 million and is anchored by ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble. The development spans 381,905 square feet of space and is located in a prime spot on Main Street in downtown White Plains.

“I would go as far as to call it a trophy property,” said Barry Lazarus, president and COO of Inland Diversified Real Estate Trust, Inc, one half of the joint venture. “We think the tenants fit the [White Plains] area well.” He went on to explain what the acquisition meant for Inland: “This is a pretty big portion of what our property base will be comprised of – it’s a significant acquisition in all respects.” By the end of the year, Lazarus said, the REIT will finish out its pipeline of acquisitions which will total $2.2 billion of assets.