Hines U.S. Property Partners fund makes first NYC purchase

Hines U.S. Property Partners (HUSPP), Hines’ flagship commingled U.S. core-plus fund, has acquired The Source, a 262,000-square-foot retail center in White Plains, N.Y., anchored by Whole Foods.

Serving as HUSPP’s first acquisition in the New York metro area and first grocery-anchored retail acquisition, this announcement represents the firm’s confidence in the continued recovery of the retail sector.

“Retail is poised for a resurgence, and Hines is at the forefront of pursuing opportunities that carry the potential to reenergize brick-and-mortar shopping experiences,” said Alfonso Munk, CIO of Americas, Hines. “Grocery-anchored retail assets, like The Source, that are high-yielding in today’s economic environment and are located in a high-barrier-to-entry market with infill and dense locations are extremely attractive for continued growth and increased value for our investor base.”

The Source is currently 99 percent occupied with five retail ten