6A — May 26 - June 8, 2017 — M id A tlantic
Real Estate Journal
www.marejournal.com
S hopping C enters
120,000 s/f, $68 million retail development on 19 acres The Grossman Cos. partners with Summit Development
happaqua, NY — In one of the largest ground-up develop- ment projects in its 40-year commercial real estate history, The Grossman Companies, Inc. has partnered with Sum- mit Development to develop a high-end 120,000 s/f, $68 million retail development on 19 acres at 480 Bedford Rd., part of the long-time, former Readers Digest world headquarters. The entire site consists of 114 acres. The sale was consummated on April 14, 2017. The announcement was made by Grossman Compa- C
480 Bedford Rd. rendering
mid- 2018. Other tenants that have already signed leases include Pet Valu, Chase Bank, AT&T and Go Health Urgent Care. The remainder of the Readers Digest property will ultimately include: 91 high- end town homes; 500,000 s/f of medical and office space anchored by Northern West- chester Hospital; 66 affordable housing units; and various public amenities including a walking trail and performance center. CBRE’s National Retail Partners represented Gross- man and Summit, and ar- ranged both the debt and equity capital that includes the construction loan of $44 million from M & T Bank and a 90% institutional joint venture equity partner for the $24 million equity require- ment. The grocery-anchored shopping center in tony, high- barriers-to- entry Westchester County was hotly pursued by both equity and debt capital. Jake Grossman and Felix Charney of Summit said, “Everyone involved in reach- ing this milestone has been schooled in the true meaning of the word ‘perseverance.’ The permitting process was complex, starting in 2005. The Town of Chappaqua has been a fantastic partner in bringing this dream to a reality. We are excited to break ground and look forward to deliver a shop- ping center with a top-notch tenant roster that will enliven the community.” In the last four years, The Grossman Companies and Summit Development have partnered in the acquisition of 9 commercial properties in Connecticut, consisting of some 600,000 s/f including re- tail, office and industrial prop- erties as well as land. The duo is in the process of completing a small shopping center in Danbury, CT on the busy thor- oughfare of Newtown Rd. I all, across southern New England, Grossman owns a commercial real estate portfolio in excess of three million s/f. n
nies’ co-president Jake Gross- man and Felix Charney , principal of Summit. Chappaqua Crossing will be ready for its anchor tenants, Whole Foods and Life Time Fitness, each 40,000 s/f, in
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