Retail Component of Chappaqua Crossing Trades for Nearly $80M
Real Estate In-Depth | January 25, 2022
CHAPPAQUA—The newly developed retail component of the former Reader’s Digest headquarters property has been sold in a deal valued at $79.5 million.
The transaction, announced by commercial brokerage firm CBRE, involves the 120,986-square-foot trophy quality, grocery-anchored shopping center that is part of the mixed-use Chappaqua Crossing development. The property was sold by the joint venture of Summit Development and The Grossman Companies to an unnamed investment management firm.
The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the seller and also procured the buyer of the property.
Chappaqua Crossing is newly developed and anchored by Whole Foods, Life Time Fitness, Starbucks and Chase Bank. The property is situated between the Saw Mill Parkway and Route 117. The center, which took more than 12 years to secure approvals and construct, is part of the redevelopment of the former Reader’s Digest headquarters, which encompasses 114-acres and also includes more than 500,000 square feet of medical/office space, 64 apartments, and 91 luxury townhomes to be constructed by Toll Brothers.
CBRE’s Dunne said of the deal. “The offering represented a highly unique opportunity to purchase a newly-developed Whole Foods anchored center in Westchester County, NY. Chappaqua Crossing provides highly stable income with a 14+ 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.”
CBRE’s Gavin added, “Chappaqua Crossing has become the dominant grocery-anchored center in the market as a result of Whole Foods’ wide draw, limited grocery competition nearby, and the center’s regional and local accessibility with a direct exit off the Saw Mill Parkway.”
CBRE’s Metro NY National Retail Partners Team is currently marketing for sale or recently closed: Essex Mall, a 189,773-square-foot Stop & Shop and Marshalls anchored center in West Caldwell, NJ (on the market); Newington Westfarms Center, a 96,691-square-foot Dick’s and Ulta anchored center in Greater Hartford, CT (on the market); Cortlandt Crossing, a newly developed ShopRite and HomeSense anchored center in Mohegan Lake, Westchester County, NY (under contract); and Milford Plaza, a 180,000-square-foot value-add, grocery-anchored center in Milford, CT (recently closed).