WHITE PLAINS,NY-The majority interest in City Center here was sold to a joint venture between Cappelli Group, Inc and Inland Diversified Real Estate Trust, Inc. The retail-heavy property is valued at approximately $166 million and is anchored by ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble. The development spans 381,905 square feet of space and is located in a prime spot on Main Street in downtown White Plains.

“I would go as far as to call it a trophy property,” said Barry Lazarus, president and COO of Inland Diversified Real Estate Trust, Inc, one half of the joint venture. “We think the tenants fit the [White Plains] area well.” He went on to explain what the acquisition meant for Inland: “This is a pretty big portion of what our property base will be comprised of – it’s a significant acquisition in all respects.” By the end of the year, Lazarus said, the REIT will finish out its pipeline of acquisitions which will total $2.2 billion of assets.

“The components of the property are well-mixed from our standpoint,” he added.

Jeffrey Dunne, Steven Bardsley and David Gavin of CBRE Group Inc.’s New York Institutional Group represented LC White Plains Retail, LLC, and LC White Plains Recreation, LLC, affiliated entities of Cappelli Group, Inc – the other half of the joint venture team.

What made the development most valuable in Dunne’s view is its grocery portion. The vice chairman of the CBRE division, said “There’s good demand for retail [today] but has to be anchored by a strong food store.” He added, “What we sold here at City Center was almost entirely retail…if you look at the income stream, 98% of the revenue came from retail.”