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Lennar Affiliate Buys The Westchester Pavilion for 700-Unit, Mixed-Use Redevelopment

Urstadt Biddle Sells Vacant White Plains Mall for $56.6M
March 8, 2017
Miami-based residential developer Lennar Corporation, through its subsidiary Maple and Broadway Holdings LLC, has acquired The Westchester Pavilion shopping mall at 60 S. Broadway in White Plains, NY from Urstadt Biddle Properties, Inc. for $56.6 million.

The three-story, 185,000-square-foot enclosed shopping mall was originally developed in 1958 on four acres in the White Plains CBD submarket of Westchester County. The aging mall was renovated in 1994, but anchor tenant Sports Authority shuttered and in-line leases rolled shortly after.

Lennar Corporation plans to redevelop the site of the now-vacant mall into a $275 million, high-end, mixed-use property containing residential apartments above retail space. When complete, the two 24-story apartment towers will offer 700 rental units and 90,000 square feet of retail space in a base podium offering subterranean parking.

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"We purchased the Pavilion in 2002 and operated it for over 10 years as a successful power center mall. In 2013, with the expiration of certain large leases pending, we realized the property had great potential to be redeveloped into a much larger retail/residential mixed-use project," commented Willing L. Biddle, president and CEO of Urstadt Biddle, a self-administered equity real estate investment trust with equity interest in 75 properties totaling 4.8 million square feet. "We elected to sell the property to Lennar Multifamily Communities, which will follow through on our dream of building a beautiful, new mixed-use complex that will bring new life and vitality to the southeast end of White Plains. We know the site has tremendous potential, and we expect that Lennar’s project will be a success for the community. The sales price is a substantial premium over the price that we paid for the property, and when this premium is combined with the strong annual return we made operating the property, it is clear that the Pavilion was a very good investment for our company."

Steven Smalheiser with Smalheiser & Partners represented Lennar in the sale.

Please see CoStar COMPS #3845901 for more information on this transaction.
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