The Source in WP sold for $112M - Westfair Communications

The Source, a 262,000-square-foot property at Maple Avenue and Bloomingdale Road in White Plains has been purchased by Hines U.S. Property Partners for $112 million. The real estate services company CBRE represented the seller and also procured the buyer.

Hines U.S. Property Partners is a fund of Hines, a privately owned global real estate investment firm founded in 1957 with U.S. headquarters in Houston and overseas headquarters in London and Hong Kong. It reports operating in 255 cities in 27 countries. Last month, U.S. Property Partners reported having raised an additional $600 million in capital, bringing its total investment capacity to $2.3 billion.

The building at 1 Maple Ave. got its name from retailer Fortunoff, which had a store there and used The Source in its branding. It had been constructed on the site where Saks Fifth Avenue had opened one of its first suburban stores.

According to CBRE, The Source currently is a 99% occupied. Whole Foods and The Cheesecake Factory are major tenants on the ground floor. The New York State Department of Motor Vehicles recently opened an office there. Dick”™s Sporting Goods and Raymour & Flanigan are on upper levels, as are the U.S. headquarters of Danone and the offices of the Hudson Gateway Association of Realtors. The building has a four-story parking garage.

The Source had been owned by New England Development, which in 2016 retained The Wilder Company based in Boston to manage the property.

CBRE personnel Jeffrey Dunne, David Gavin, Steve Bardsley and Travis Langer were involved in putting together the transaction.

“The offering represented a unique opportunity to purchase a Whole Foods-anchored center offering highly stable income and no near-term rollover,” Dunne said. “Whole Foods’ and Dicks”™ recent renewals further affirm the property”™s strong position within the market.”

According to Gavin, “We continue to see strong demand for properties like The Source, which provide long-term cash flow and an attractive rent roll in infill, high demographic markets.”