Hines Acquires NYC-Area Retail Center

Whole Foods anchors the property, which is also home to the U.S. headquarters of France's Danone.

The Source in White Plains, N.Y. Image courtesy of CBRE

A fund managed by Hines has acquired The Source, a retail center in downtown White Plains, N.Y. CBRE facilitated the transaction. The property’s seller is UBS Realty Investors, according to CommercialEdge.

The 262,000-square-foot complex, whose anchor tenant is Whole Foods, was purchased by Hines U.S. Property Partners, the firm’s flagship commingled U.S. core plus fund. The deal marks the fund’s first acquisition in the state, as well as its first purchase of a grocery-anchored property.

With five retail tenants and two office spaces occupied, The Source is 99 percent full, according to a statement from Hines. Other tenants include The Cheesecake Factory, Raymour & Flanigan and Dick’s Sporting Goods, as well as a new location of the New York State Department of Motor Vehicles.

The Hudson Gateway Association of Realtors and the U.S. headquarters of French food giant Danone also have offices at the site, with the latter occupying the top floor under a long-term lease. Whole Foods and Dick’s Sporting Goods recently renewed 10-year leases at the property.

A CBRE team comprising Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer represented the seller and procured Hines as the buyer.

Situated in the Hudson Valley, White Plains is a suburb of New York City. The Westchester County municipality has grown its population in recent years, leading to increased multifamily development in the area.

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