Merin, Bernhaut, Gabriel, Cruz and O'Leary of C&W arrange $78 million sale

Cushman & Wakefield has completed the $78 million sale of Cortlandt Towne Center, a 642,000 s/f center located in northern Westchester County. The property was sold by Centro Properties to Acadia Realty Trust of White Plains. Built in 1997, Cortlandt Towne Center is a regional power center occupied by 41 tenants. Anchors include Wal-Mart, A&P Food Market, Marshalls, Barnes & Noble, United Artists Theatres, OfficeMax, Michaels, Old Navy, Modell's and Best Buy. The center is shadow anchored by a 135,000 s/f Home Depot. The property has historically maintained a 95% occupancy level, but was only 85% leased at the time of sale, due to the 2008 bankruptcies of Linens' N Things and Levitz. The buyer acquired the property via an available credit line, in an all cash transaction. Andrew Merin, vice chairman, David Bernhaut, executive VP, Gary Gabriel, executive VP, and Jose Cruz, executive director, of Cushman & Wakefield's Metropolitan Area Capital Markets Group, together with Tom O'Leary, senior director, of Cushman & Wakefield's Westchester/Fairfield County region, represented the seller and procured the purchaser. "The two biggest challenges of the current capital markets environment are the limited number of active lenders, and the scarcity of buyers for sales greater than $50 million," said Merin. "This transaction demonstrates that high quality, well-located assets with a strong occupancy history still generate high levels of demand from the investor community." Cushman & Wakefield conducted a wide marketing of the property. The firm received 15 offers for the property from regional and national investors. "Picking the right buyer is particularly important at this stage of the economic cycle. Acadia distinguished themselves from other reputable bidders by demonstrating the ability and willingness to close all cash," said Gabriel. "It is particularly gratifying that our client also recognized the merits of the Acadia offer, and was able to get this transaction closed during one of the most challenging investment sales markets in recent memory." Cushman & Wakefield is a privately held commercial real estate services firm. Founded in 1917, it has 221 offices in 58 countries and more than 15,000 employees. The firm represents a diverse customer base ranging from small businesses to Fortune 500 companies. It offers a complete range of services within four primary disciplines: transaction services, including tenant and landlord representation in office, industrial and retail real estate; capital markets, including property sales, investment management, valuation services, investment banking, debt and equity financing; client solutions, including integrated real estate strategies for large corporations and property owners, and consulting services, including business and real estate consulting. A recognized leader in global real estate research, the firm publishes a broad array of proprietary reports available on its online Knowledge Center at www.cushmanwakefield.com.