Invesco RE Acquires Cortlandt Crossing Shopping Center

Invesco RE Acquires Cortlandt Crossing Shopping Center
A photo montage of the Cortlandt Crossing shopping center.

CORTLANDT MANOR—Dallas-based Invesco Real Estate, a global real estate manager, has acquired the 122,225-square-foot Cortlandt Crossing shopping center here.

The grocery-anchored shopping center at 3144 East Main St. in Cortlandt Manor was sold by Rye-based Acadia Realty Trust. Cortlandt Crossing is a newly developed, 95% leased center anchored by ShopRite and HomeSense. Additional tenants include Chipotle, Aspen Dental, Verizon, Pulse-MD Urgent Care and Buff City Soap. The Westchester County Business Journal, citing documents filed with the Westchester County Clerk’s office, reported the property sold for $65.5 million.

Brokerage firm CBRE announced the deal. The firm’s Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer represented the owner, Acadia Realty Trust and also procured the buyer.

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-square-foot 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 property.

CBRE’s 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.”

“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,” added CBRE’s Gavin.

Invesco Real Estate announced recently its purchase of Cortlandt Crossing and its acquisition of a 95% interest in a 378,283-square-foot industrial warehouse facility in the Columbus, OH metropolitan area that is 100% leased.

The combined purchase price of Cortlandt Crossing and the Columbus, OH industrial building was $94 million. The deals brought the gross assets of the Invesco Real Estate portfolio to more than $850 million.

The deal for Cortlandt Crossing follows the recent sale of another relatively high-profile Westchester County-based retail asset—Chappaqua Crossing. The nearly 121,000-square-foot shopping center adjacent to the former Reader’s Digest headquarters was sold by the joint venture of Summit Development and The Grossman Companies to an unnamed investment management firm for $79.5 million.

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