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WHITE PLAINS-Bloomingdale Road Investors LLC, an entity controlled by UBS Realty Investors LLC, has acquired the Source at White Plains here for $153 million. R Squared LLC of New York City, which built the shopping center for $96 million, was the seller.

The first dirt was turned on development almost three years ago and its anchor Fortunoff opened its doors two years ago this month. The Source was built on the site of a former Saks Fifth Avenue department store. R Squared, which is headed by members of the Rechler family that founded Reckson Associates Realty Corp., developed the property in partnership with the Fortunoff family and Edge Partners. Although members of the Fortunoff family had an investment interest in the development, the 180,000-sf store is operating on a long-term lease.

“We felt that the time was right to sell,” says Mitchell Rechler, principal of R Squared. “With the market where it is today and where cap rates are, it was the right time.” Commenting on its $57-million profit on the development, he says, “It was well worth a few years worth of work.”

R Squared will continue to serve as the property manager for the 260,000-sf center. Other tenants at the property, located across from Bloomingdale’s and the Westchester shopping mall, include Whole Foods Market, Morton’s Steakhouse, the Cheesecake Factory and Destination Maternity.

David I. Robinov of Eastdil Realty of New York City represented R Squared. Rechler notes that R Squared closed on the sale of a 59-unit rental apartment development at 501 Adams St. in Hoboken, NJ about two-and-a-half weeks ago. The deal with a local building owner was for approximately $24 million.

The firm is currently building Big Box Crossing, a 350,000-sf shopping center in Commack, NY that will be anchored by Home Depot, Kohl’s and Wal-Mart. Rechler adds that the firm is also considering developing a residential project in the Tribeca section of Manhattan.

Rounding out its holdings, the company is the managing partner of Rechler Equity Partners, the owner of the former Reckson industrial portfolio on Long Island, which totals approximately six million sf. R Squared also owns the Deegan Gateway, a 430,000-sf industrial loft development in the Bronx.

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