The shopping center Cortlandt Crossing in Mohegan Lake, New York, has been sold for $65.5 million, according to documents filed with the Westchester County Clerk”™s office. The seller was Acadia Cortlandt Crossing LLC, an entity of Acadia Realty Trust and the buyer was Cortlandt Crossing Owner LLC., an entity of Invesco Real Estate.
The real estate services firm CBRE represented the seller and also procured the buyer.
CBRE said that Cortlandt Crossing is 95% leased and anchored by a ShopRite supermarket and a HomeSense store. HomeSense is a Canadian-based chain of discount home furnishing stores owned by TJX Companies. Among the other tenants are Chipotle, Aspen Dental, Verizon, Pulse-MD Urgent Care and Buff City Soap.
The center is located on Route 6, which CBRE said has a daily traffic count of approximately 22,620 cars. Acadia had said the shopping center has a gross leasable area of approximately 128,000 square feet.
Cortlandt Crossing is located directly across from Cortlandt Town Center. The regional shopping center with 774,000-square-feet of retail space is anchored by Home Depot, Walmart, Marshalls, Michael”™s and PetSmart. It is said to typically draw shoppers from a trading area that has a 15-mile radius.
CBRE”™s David Gavin said, “We continue to see incredible demand for retail centers like Cortlandt Crossing, which provide secure, long-term cash flow and a highly attractive rent roll.”
Cortlandt Crossing was developed by Acadia Realty Trust. The Business Journal reported in July 2018 that the estimated cost of construction was $65 million. The report noted that ShopRite planned relocate from just down the street at 2094 Main St. to the new shopping center at 3144 E. Main St.
The Business Journal reported that ground had been broken for the project in October 2016 and that Acadia made a number of off-site improvements. These included the addition of a traffic light at the intersection of Baker and Main streets and sewer remediation. The developer also widened Route 6 by adding a traffic lane and installed new sidewalks along the northern side of Route 6 that fronts the shopping center.
