The retail portion of a major site in Westchester County recently sold for almost $80 million as the development continues to take shape.
The segment of Chappaqua Crossing sold for $79.5 million, the Westchester & Fairfield County Business Journals reported. The seller was a joint venture of Summit Development and The Grossman Companies, while the buyer was only identified as an investment management firm.
The property is located between the Saw Mill River Parkway and Route 117. The retail portion of the site is anchored by Whole Foods, Life Time Fitness, Starbucks and Chase.
A CBRE team including Jeffrey Dunne and Steve Bardsley represented the seller in the deal and procured the buyer, according to WestFair Online. CBRE did not immediately respond to a request for comment on the buyer’s identity.
The sellers announced a $68 million redevelopment of the retail development in May 2017, according to Shopping Center Business.
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The retail hub is part of the larger Chappaqua Crossing property, which is being redeveloped from a former Reader’s Digest Property. The site spans 114 acres in total and has already been redeveloped to include more medical and office space.
Residential components are also part of the larger Chappaqua Crossing efforts. Toll Brothers is leading the development of luxury townhomes at the development, according to WestFair Online.
Meanwhile, Wilder-Balter Partners has already added housing after redeveloping the Reader’s Digest office, which was constructed in 1939. The developer converted the space into 64 units, a mix between affordable, workforce and market-rate apartments.
The Grossman Companies and Summit Development have a history of selling tri-state properties in tandem. In 2017, the developers sold the Lee Farm Corporate Office Park in Danbury, Connecticut for $31.8 million. CT Property Realty picked up the five-story, 215,000-square-foot office building, which was 100 percent leased at the time.
[WestFair] — Holden Walter-Warner