A Delaware limited liability company, TR Chappaqua Crossing LLC, has taken title to the retail complex known as Chappaqua Crossing at the former home of Reader’s Digest in Chappaqua from HVP IV Chappaqua LLC, also a Delaware limited liability company, according to documents filed with the Westchester County Clerk’s Office. The sale price was $76.5 million.
The real estate services firm CBRE, which handled the sale identified the buyer as Barings, LLC, an international investment manager and the seller as Heitman, the Chicago-based real estate management firm that had bought the property in 2022. The reported transaction price in the 2022 transaction was $79.5 million. The retail property at the Reader’s Digest site is separately owned from the residential uses at the site.
The 120,986-square-foot retail center is anchored by Whole Foods, Life Time Fitness, Starbucks and Chase Bank, and is situated between the Saw Mill Parkway and Route 117. Shortly after acquiring Chappaqua Crossing in 2022, Heitman went to the Town of New Castle seeking to modify some conditions in the approved site plans. It said the changes would help fill retail vacancies and boost existing businesses at the site.
CBRE said that Jeffrey Dunne, David Gavin and Travis Langer of its National Retail Partners operation represented Heitman in the sale and also procured Barings, LLC as the buyer.
Dunne commented, “The sale of Chappaqua Crossing represented a unique opportunity to purchase a Whole Foods-anchored center in an incredibly high barriers-to-entry Westchester County market.”
CBRE said that Chappaqua Crossing, which took more than 12 years to secure approvals and construct, encompasses 114-acres and in addition to the retail center includes more than 500,000 square feet of medical/office space, 64 apartments, and 91 townhomes recently completed by Toll Brothers.
Barings, a major global investment manager, recently expanded its real estate investments with the acquisition of Artemis Real Estate Partners, an $11-billion real estate investment firm. Barings said the acquisition would strengthen its position in the U.S. real estate market and accelerate long-term growth by combining investment capabilities and expertise.
