REIT buys Westchester Pavilion for $39.9M
Monday, January 6 2003
Heavyweight retailers Toys R Us, The Sports Authority and Borders Books and Records have a new landlord in White Plains after Urstadt Biddle Properties Inc. announced its purchase of the Westchester Pavilion for $39.9 million in late December.
The Greenwich, Conn.-based real estate investment trust acquired the retail center, which is 99 percent leased, from the State of Wisconsin Retirement Fund.
"We look for a certain return on investment," said James R. Moore, Urstadt Biddle's chief financial officer. "In the case of the Westchester Pavilion, it is a quality property and it happened to be offered by a broker. The seller, which is a public institution, wanted the property sold by the end of the year and we were able to make that happen."
Containing 185,000 square feet of retail space, the Westchester Pavilion is a vertical enclosed shopping center leased to valueoriented national retailers. The center includes some of America's best-known retailers such as, Toys R Us, The Sports Authority, OfficeMax, Borders Books and Records, Outback Steakhouse and McDonald's.