Kite Realty Group Trust has sold City Center, a 361,948-square-foot retail property located in the heart of White Plains, N.Y., for $50 million.
JLL worked on behalf of the seller, Kite Realty Group Trust. The buyer was PropUp Group. JLL also arranged $39.2 million in acquisition financing from a regional bank on behalf of the buyer.
City Center is strategically positioned at 5 Mamaroneck Ave. in downtown White Plains, at the crossroads of several major avenues and just 1 mile from Interstate 287. The property sits within walking distance of the White Plains Metro-North Railroad station, which provides a 38-minute commute to Grand Central Terminal in New York City. This location provides accessibility, drawing visitors from Westchester County’s affluent communities, including Scarsdale, Rye and Port Chester.
The multi-level retail center was originally built in 2003 and features 91.5 percent occupancy. ShopRite, the New York region’s dominant grocery store o
