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Stephens is a real estate-focused attorney who has been in private practice for 40 years.
Company chief Willing L. Biddle said the property "did not meet our current investment objectives."
The outgoing chairman, 90-year-old Charles J. Urstadt, will remain as chairman emeritus of the board of directors.
The 177,000-square-foot shopping center covers five buildings on a 23-acre site on Route 22 and has an Acme supermarket as its anchor.
Built in 1954, Tanglewood consists of two retail buildings: a 22,300-square-foot property anchored by AutoZone and an adjacent 4,700-square-foot property.
Greg Belew, Lennar Multifamily Communities’ city president for the New York tristate region, told the Business Journal that the company is reworking plans for its major redevelopment of the former Westchester Pavilion mall site.
The property was the site of Stratfield Supermarket, a locally owned grocery store that operated for 30 years before closing in 2006.
Real estate and retail professionals discussed the state and future of retail at a Hudson Gateway Association of Realtors event held in White Plains.
ince October, the company has coordinated a series of purchases across Connecticut and New Jersey plus a major asset sale in Westchester,.
Greenwich-based Urstadt Biddle sells a Meriden shopping center as part of its efforts to focus on the New York metro area.
The Greenwich-based real estate investment trust has purchased a majority interest in the 57,000-square-foot shopping center.