Shopping center sold for $153m

Real Estate Weekly,  Sept 21, 2005  

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Just three years after its groundbreaking, The Source at White Plains has been sold by developer R Squared LLC for $153 Million, confirming its position as Westchester's most successful new retail center.

The Source at White Plains is a 100-percent leased 260,000-sq.ft. shopping center anchored by a 180,000 s/f Fortunoff, and complemented by a Whole Foods Market, Morton's Steakhouse, The Cheesecake Factory, and Destination Maternity. The Source at White Plains is located directly off Interstate 287, across the street from the Westchester Mall, and just north of the nation's most successful Bloomingdale's department store.

"The success of The Source at White Plains marked an important step in the city's renaissance, and we are proud to have brought the property into the market," said Mitchell Rechler, principal of R Squared LLC.

"The Source at White Plains was among one of the first R Squared development, and validates our business plan to develop and reposition outstanding properties in excellent locations throughout the TriState region."

R Squared LLC developed the property in partnership with the Fortunoff Family and EDGE Partners. The Source at White Plains was developed for $96 Million. R Squared will continue to serve as property manager for the upscale retail center.

David Rabinov of Eastdil Realty represented R Squared LLC in the sale of the property to Bloomingdale Road Investors LLC, which is controlled by UBS Realty Investors LLC.

"We are delighted to remain associated with The Source at White Plains, and continue to manage the center" said Gregg Rechler, principal of R Squared LLC. "Our goal was to make The Source at White Plains the first of many successful R Squared projects that we have underway throughout the Tri-State area."

COPYRIGHT 2005 Hagedorn Publication
COPYRIGHT 2005 Gale Group