HGAR Headquarters Property Sold to Hines for $110 Million
Real Estate In-Depth | March 14, 2023
WHITE PLAINS—Commercial brokerage firm CBRE announced today that the headquarters building for the Hudson Gateway Association of Realtors has been sold to Hines U.S. Property Partners.
Hines U.S. Property Partners is the flagship commingled U.S. core plus fund for Hines, which is headquartered in Houston. No financial terms of the transaction were disclosed by CBRE in the sale of the 262,000-square-foot mixed-use, grocery-anchored property. The Wall Street Journal reported that Hines U.S. Property Partners acquired The Source for $110 million from UBS Realty Investors, LLC. In 2005, Bloomingdale Road Investors LLC, an entity controlled by UBS Realty Investors LLC, acquired The Source for $153 million. R Squared LLC of New York City, which built the shopping center for $96 million, was the seller.
The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer represented the seller and procured the buyer. The Source is 99% occupied and features anchor tenants Whole Foods Dick’s Sporting Goods, Raymour & Flanigan, The Cheesecake Factory, and White Plains’ new location for the DMV. Danone also leases the top floor of the property on a long-term basis for its US Headquarters, along with the Hudson Gateway Association of Realtors.
CBRE’s Dunne said, “The offering represented a unique opportunity to purchase a Whole Foods-anchored center offering highly stable income and no near-term rollover. Whole Foods and Dicks’ recent renewals further affirm the property’s strong position within the market.”
CBRE’s Gavin added, “We continue to see strong demand for properties like The Source, which provide long-term cash flow and an attractive rent roll in infill, high demographic markets.”
Located off Exit 8 of I-287 (103,293 cars per day) at the corner of Maple Avenue and Bloomingdale Road (22,759 cars per day), the center is located in White Plains’ bustling CBD which includes more than 24,000 housing units and millions of square feet of office space.
CBRE officials noted that White Plains has experienced a significant increase in population recently, with more than 7,500 apartments having been recently delivered, under construction or proposed. The strength of the property is further highlighted by a population of 101,000 within three miles, increasing to more than 212,000 within five miles and average household incomes of over $190,000.
CBRE’s Metro NY National Retail Partners Team is currently marketing for sale: Stop & Shop and Chase Bank at Somers Commons, a 73,000- square-foot center in Somers; Majestic Corners, a 113,000-square-foot grocery anchored center in Shirley (Long Island); ShopRite at Greenport Towne Center, a net leased ShopRite center in Hudson, NY and a net leased Applebee’s and TD Bank in Phillipsburg, NJ.