CBRE sells Cortlandt Crossing for $65.5 million

Mohegan Lake, NY CBRE completed the sale of Cortlandt Crossing, a 122,225 s/f high volume, grocery-anchored shopping center in Westchester County. According to public records, the sale price was $65.5 million.

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.

Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and
HomeSense.

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.”

Gavin said, “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.”

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.