Transactions - MAY 25, 2017

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JV plans $68m retail development in New York

by Jody Barhanovich

The Grossman Companies, based in Quincy, Mass., has partnered with Summit Development of Southport, Conn., to develop a $68 million retail development in Westchester County, N.Y.

The 120,000-square-foot retail development will sit on 114 acres located at 480 Bedford Road in Chappaqua, N.Y. The sale was consummated on April 14, 2017.

Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, in 2018. Other tenants that already have signed leases include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care.

The remainder of the property ultimately will include 91 high-end townhomes, approximately 500,000 square feet of medical and office space anchored by Northern Westchester Hospital, 66 affordable housing units, and various public amenities including a walking trail and performance center.

In the past four years, The Grossman Companies and Summit Development have partnered in the acquisition of nine commercial properti

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