OAK BROOK, Ill.--(BUSINESS WIRE)-- Inland Diversified Real Estate Trust, Inc. (“Inland Diversified”) announced today the acquisition of a majority interest in City Center at White Plains, a four-story, 381,905-square-foot mixed-use shopping center and apartment property in White Plains, N.Y. The property was acquired in a joint venture between a subsidiary of Inland Diversified and certain affiliates of Cappelli Group, Inc., a real estate developer specializing in mixed use, retail, waterfront, single and multi-family residential, office building, industrial laboratory and parking facilities in the Northeast. The joint venture valued the property at approximately $166.4 million. ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble anchor the retail portion of the property, which also includes 24 residential apartment units. Joe Cosenza, president of Inland Real Estate Acquisitions, Inc. and a vice chairman of The Inland Real Estate Group, Inc., facilitated the transaction on behalf of Inland Diversified. Jeff Dunne, Steven Bardsley and David Gavin of CBRE Group Inc.’s New York Institutional Group represented the Cappelli Group in the transaction.
City Center at White Plains, White Plains, NY (Photo: Business Wire)
“I believe City Center at White Plains to be the best in-fill, in-city property purchase ever facilitated by Inland Real Estate Acquisitions,” Cosenza said. “The apartment units are in high demand, and are currently fully-leased with a waiting list. The strong lineup 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.”
Additional tenants at City Center include a 15-screen National Amusements movie theater, Buffalo Wild Wings, Applebee’s, Atlanta Bread Company, Temptation Asian Fusion, Cold Stone Creamery and Greenpoint Bank. Toys “R” Us is scheduled to open in March. The property is shadow-anchored by a 154,241-square-foot Target P-Fresh store, located in the basement of the four-story building, which was not acquired. City Center is situated adjacent to the Ritz-Carlton Hotel and The Residences at the Ritz Carlton, a luxury condominium building, as well as Trump Tower at City Center.
There are 24 apartment loft units located in a two-story structure atop the property’s parking garage and attached to the retail portion by an enclosed, elevated walkway. There are 10 studios, seven one-bedroom lofts and seven two-bedroom lofts.
The joint venture includes 99-year air rights over the apartment and parking garage portion of the property. There are 2,270 parking spaces located in a five-level municipal parking garage, which is owned and operated by the city of White Plains.
“City Center is a landmark grocery-anchored, mixed-use project with tenants who perfectly fit the profile of this affluent urban in-fill location,” commented Barry Lazarus, president and chief operating officer of Inland Diversified. “We believe this is a tremendous addition to our portfolio. The hard work and combined efforts of our acquisition, legal and REIT team culminated in this accomplishment.”
About Inland Diversified Real Estate Trust, Inc.
Inland Diversified Real Estate Trust, Inc. is a public, non-listed real estate investment trust focused on acquiring a diversified portfolio of commercial real estate assets in various property categories, including: grocery-anchored shopping centers, necessity-based retail assets, single-tenant office and multi-family assets. As of June 30, 2012, the company owned approximately 7.2 million square feet of commercial real estate, as well as 420 multi-family units, in 24 states, with a portfolio of approximately $1.5 billion in assets. For additional information, please refer to www.inlanddiversified.com.
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cunninghamj@inlandgroup.com