Hines U.S. Property Partners has acquired The Source, a 262,000-square-foot retail center in White Plains, NY, anchored by Whole Foods. The property serves as HUSPP's first acquisition in the New York metro area and first grocery-anchored retail acquisition.
The Source is currently 99% occupied with five retail tenants and two office occupiers. In addition to Whole Foods, retail tenants include the Cheesecake Factory, Raymour & Flanigan, Dick's Sporting Goods, and the NY State Department of Motor Vehicles.
Office tenants include The Hudson Gateway Association of Realtors and the U.S. headquarters of Danone, a French multinational food-products corporation.
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Both Whole Foods and Dick's Sporting Goods recently renewed their leases for ten years. The Source is situated on a highly-trafficked corner, neighboring Simon's Westchester Mall and Bloomingdale's.
The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer represented the seller while also procuring the buyer.
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