Real estate investment trust Urstadt Biddle Properties, Inc. has sold The Westchester Pavilion property, in White Plains, NY, to Maple and Broadway Holdings, LLC, a subsidiary of Lennar Corporation. Lennar plans to raze the property to develop a high-end, mixed-use property containing residential apartments above retail. The aggregate payment paid to the Company for the Pavilion was $56.6 million.
“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," said Willing L. Biddle, UBP’s President and Chief Executive Officer. "This dream could not have become a reality without the cooperation and support of Mayor Thomas Roach and the White Plains Common Council who understood our plan and ultimately supported a re-development of the property to include two high-rise buildings containing over 700 apartments above 75,000 square feet of lower floor retail."
"Recognizing that our company is not an expert in large-scale, high-rise construction, we elected to sell the property to Lennar Multi-Family 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.”