Key Takeaways
- • Hines U.S. Property Partners (HUSPP), the firm's flagship commingled U.S. core plus fund, acquired The Source, a 262,031 SF Whole Foods-anchored retail center in White Plains, New York, in March 2023.
- • The acquisition marks HUSPP's first investment in the New York metro area and its first grocery-anchored retail asset.
- • The Source is 99% occupied, with five retail tenants and two office occupiers, including Whole Foods and Dick's Sporting Goods, both of which recently renewed leases for ten years.
- • The property sits at a highly trafficked corner beside the 287 highway off-ramp, near Simon's Westchester mall and Bloomingdale's, in a White Plains CBD where more than 7,000 housing units have recently been built or are under construction.
Summary
Hines U.S. Property Partners ("HUSPP" or the "Fund"), the flagship commingled U.S. core plus fund of Hines, acquired The Source in March 2023. The property is a 262,031-square-foot grocery-anchored center in the White Plains Central Business District, anchored by Whole Foods. The acquisition represents HUSPP's first investment in the New York metro area and its first grocery-anchored retail acquisition, according to the source article.
The Source was developed in 2003 and occupies a highly trafficked corner next to the 287 highway off-ramp, with close proximity to Simon's Westchester mall and Bloomingdale's. The article notes that White Plains is growing rapidly as a residential destination, with more than 7,000 housing units recently built or under construction. The property is described as prominently located with clear signage and accessibility from major roads at the eastern edge of the White Plains CBD.
The center is currently 99% occupied. Retail tenants include Whole Foods, the Cheesecake Factory, Raymour & Flanigan, Dick's Sporting Goods, and the New York State Department of Motor Vehicles. Office occupiers include the Hudson Gateway Association of Realtors (HGAR) and the U.S. headquarters of Danone, the French multinational food-products company. Whole Foods and Dick's Sporting Goods have each recently renewed their leases for ten years, which the article cites as evidence of tenant confidence in the location's future.
Hines owns and property-manages the asset. The article does not disclose the purchase price.
The Source was developed in 2003 and occupies a highly trafficked corner next to the 287 highway off-ramp, with close proximity to Simon's Westchester mall and Bloomingdale's. The article notes that White Plains is growing rapidly as a residential destination, with more than 7,000 housing units recently built or under construction. The property is described as prominently located with clear signage and accessibility from major roads at the eastern edge of the White Plains CBD.
The center is currently 99% occupied. Retail tenants include Whole Foods, the Cheesecake Factory, Raymour & Flanigan, Dick's Sporting Goods, and the New York State Department of Motor Vehicles. Office occupiers include the Hudson Gateway Association of Realtors (HGAR) and the U.S. headquarters of Danone, the French multinational food-products company. Whole Foods and Dick's Sporting Goods have each recently renewed their leases for ten years, which the article cites as evidence of tenant confidence in the location's future.
Hines owns and property-manages the asset. The article does not disclose the purchase price.
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