CBRE announces sale of Cortlandt Crossing in Mohegan Lake, NY

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CBRE announced today the sale of Cortlandt Crossing, a 122,225 sq. ft. high volume, grocery-anchored shopping center in Mohegan Lake, Westchester County, NY. The CBRE team of Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the owner, Acadia Realty Trust, while also procuring the buyer, Invesco Real Estate, a global real estate investment manager. The closing follows on the heels of the team’s recent sale of Chappaqua Crossing, a newly developed Whole Foods anchored center in Chappaqua, NY, for $79.5 million.

Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and HomeSense. Additional tenants include Chipotle, Aspen Dental, Verizon, Pulse-MD Urgent Care and Buff City Soap, providing a complementary and diverse tenant mix. The center is located along and highly visible from the heavily traveled Route 6, which benefits from a daily traffic count of approximately 22,620 cars. Cortlandt Town Center, a 774,000 sq. ft. regional power center anchored by The Home Depot, Walmart and numerous other national tenants, is located directly across from Cortlandt Crossing and provides an additional draw to the immediate area.

CBRE’s Jeff Dunne said, “The offering represented a unique opportunity to purchase a newly developed, high volume ShopRite anchored center in Westchester County. Cortlandt Crossing provides highly stable income with a 14-year weighted average lease term and no near-term rollover.”

CBRE’s David Gavin added, “We continue to see incredible demand for retail centers like Cortlandt Crossing, which provide secure, long-term cash flow and a highly attractive rent roll.”

CBRE’s Metro NY National Retail Partners Team is currently marketing for sale or recently closed: Essex Mall, a 189,773 sq. ft. Stop & Shop and Marshalls anchored center in West Caldwell, NJ (in the market); Newington Westfarms Center, a 96,691 sq. ft. Dick’s and Ulta Beauty anchored center in Greater Hartford, CT (in the market); and Milford Plaza, a 180,000 sq. ft. value-add, grocery-anchored center in Milford, CT (recently closed).

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