The former Lord & Taylor department store building at 750 White Plains Road in Eastchester has been sold for just over $83 million, according to records on file with the Westchester County Clerk’s Office.
Both the buyer and seller were Delaware limited liability companies. The seller was LT Eastchester LLC and the buyer was 750 White Plains Owner LLC.
Tenants at the property now include White Plains Hospital and Burke Rehabilitation, both of which are members of the Montefiore Health System, Equinox, Cava, Tatte Bakery, Pottery Barn Kids and Williams Sonoma.
A ribbon-cutting ceremony last Oct. 16 marked the formal opening of the new 70,000-square-feet health care hub of White Plains Hospital Physician Associates of Scarsdale. The new facility incorporates advanced imaging and diagnostic services as well as physician offices and exam rooms covering myriad specialties.
The property comprises more than 11 acres at the Eastchester/Scarsdale border. The building was completed in 1958. It has a gross leasable area of just over 220,000 square feet.
Jeffrey Dunne, David Gavin and Travis Langer of CBRE’s National Retail Partners represented the seller and also procured the buyer.
Dunne said, “The center’s highly prominent location within the dominant retail corridor in the market, combined with its strong anchor tenancy and surrounding demographics will help the buyer complete the repositioning and lease-up of the center.”
According to Gavin, “We continue to see strong demand in Metro NY for properties like 750 White Plains Road, which provide a unique combination of having stable tenancy with further value-add through lease up of the remaining vacancy.”
Saks Global, the parent company of retailer Saks Fifth Avenue, through its entity LT Eastchester LLC, had owned the property. Saks Global, the parent company of Saks Fifth Avenue and Neiman Marcus, has been in Chapter 11 bankruptcy that was filed in Bankruptcy Court in the Southern District of Texas in January. It plans to emerge from bankruptcy this summer. On April 27, the bankruptcy court approved $500 million in financing to allow the company to leave bankrupcty and handle inventory shortages, stabilize operations, and allow creditors to take ownership. The restructuring does away with debt totaling $3.4 billion.
Saks Global has been closing stores in its Saks Fifth Avenue and Neiman Marcus brands. The company had acquired Neiman Marcus for $2.7 billion creating a high debt load.
