Cortlandt Crossing changes hands.
The mall anchored at ShopRite in Westchester County is being sold by the original developer to Invesco Real Estate for $65.5 million, according to the Westchester & Fairfield County Business Journals.
Cortland Crossing Owner LLC, an entity of Invesco, has agreed to purchase Mohegan Lake Mall from Acadia Cortland Crossing LLC, an entity of Acadia Realty Trust, according to the publication.
According to CBRE, Cortlandt Crossing is 95% leased, anchored by the supermarket and a HomeSense outlet. Other tenants include Chipotle, Verizon and an urgent care center. It is about 40 miles north of New York.
Located on Route 6, the mall comprises approximately 128,000 square feet of gross leasable area. More than 22,000 cars use Route 6 daily, according to CBRE.
CBRE represented Acadia in the sale and recruited Invesco as the buyer, according to WestFair Online.
“We continue to see incredible demand for malls like Cortlandt Crossing, which provide secure long-term cash flow and very attractive rent,” said CBRE’s David Gavin, who was part of the team that organized the sale.
Shopping centers have generally held up better than shopping centers in recent years.
Acadia spent more than $60 million to develop the mall, which was completed in 2018.
Acadia is still in retail in New York, where it co-owns the City Point development in downtown Brooklyn with Washington Square Partners. Irish retailer Primark recently signed a 70,000 square foot lease in the complex, joining other tenants including Target, Alamo Drafthouse and Trader Joe’s.
In late 2021, Invesco partnered with Fairstead to pay more than $350 million for a 48-building Bronx affordable housing portfolio covering 2.3 million square feet in nearly 2,000 apartments. Property Resources was the seller.
Cortlandt Crossing isn’t the only shopping center in Westchester County to sell out in recent weeks. In January, the commercial portion of the Chappaqua Crossing development was sold for $79.5 million by a joint venture of Summit Development and Grossman Companies. The buyer was an investment management company.
[WestFair] — HoldenWalter Warner