Inland Diversified Undertakes Joint Venture Acquisition of City Center in White Plains

Inland Diversified Undertakes Joint Venture Acquisition of City Center in White Plains

Inland Diversified Real Estate Trust Inc., in a joint venture with affiliates of Cappelli Group Inc., acquired a majority interest in City Center in White Plains, a 381,905-sq.-ft. mixed-use property in White Plains, N.Y.

City Center in White Plains, which the joint venture values at $166.4 million, contains a shopping center anchored by ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble, as well as 24 apartment units. It is located adjacent to the Ritz-Carlton Hotel, The Residences at the Ritz Carlton and the Trump Tower at City Center, and shadow-anchored by a 154,241-sq.-ft. Target P-Fresh store.

The joint venture includes 99-year air rights over the apartments and parking garage portion of City Center. The five-level, 2,270-space parking garage is owned and operated by the city of White Plains.

“I believe City Center at White Plains to be the best infill, in-city property purchase ever facilitated by Inland Real Estate Acquisitions,” said Joe Cosenza, president of Inland Real Estate Acquisitions and vice chairman of Inland Real Estate Group, in a statement. “The apartment units are in high demand, and are currently fully leased, with a waiting list. The strong line-up 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.”

Cosenza handled the transaction on behalf of Inland. Jeff Dunne, Steven Bardsley and David Gavin, of CBRE, represented Cappelli Group.

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