No purchase price on the deal was reported. Ivy Equities has taken ownership of the three-level, 275,169-sf retail store in downtown White Plains that was originally constructed by Sears in 1966. Sears plans to vacate its store at 275 Main St. and relocate a few blocks away to the White Plains Galleria in space formerly occupied by J.C. Penney. The 275 Main St. site also includes a six-level, 1,296-space parking garage that sits atop the department store.

John Saraceno, chief investment officer for Ivy Equities, says that Sears plans to vacate the 275 Main St. building by August of this year.

Ivy plans to redevelop 275 Main St., and to invest in excess of $10 million to upgrade the retail space as well as the parking garage. The lion's share of the redevelopment work will begin once Sears has vacated the property.

While no serious talks are underway at the moment, Saraceno said there has been a significant amount of interest in the property from a number of major retailers.

Saraceno adds that he hopes to sign a lease for the department store space by year's end for occupancy by the second quarter of 2004.

Ivy, which has been in contract on the property for about four months, had also reportedly been interested in acquiring the adjoining White Plains Plaza office complex, which totals approximately 700,000 sf of space located in two, 15-story towers. Met Life, which owns 1 North Broadway and 445 Hamilton Ave., had the property on the market last year, but reported earlier this year that the complex was no longer on the market for sale. The 275 Main St. building and White Plains Plaza share a pedestrian plaza and are connected by a pedestrian bridge.

Saraceno would not comment on whether Ivy Equities had held talks with MetLife when White Plains Plaza was on the market for sale, although local real estate sources say that talks were held between the two parties.

Ivy is not holding any discussions with MetLife at the moment regarding the possible purchase of White Plains Plaza, Saraceno stresses. While no talks are underway with MetLife, he did say that Ivy, which owns and manages a portfolio of more than three million sf of commercial space in New York, New Jersey and Connecticut, is actively looking for investments in the New York metro area, including Westchester County. However, no deals are imminent, he notes.

The firm currently owns 399 Knollwood Road, a 150,000-sf office building in Greenburgh; 2975 Westchester Ave., a 125,000-sf office building in Purchase and 411 Theodore Fremd Ave., a 120,000-sf office building in Rye.

Instant Insights /

Ivy Equities Buys Sears Building in White Plains

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