CBRE Negotiates $79.5 Million Sale of Shopping Center in New York City Suburb

Chappaqua, N.Y. — CBRE has negotiated the $79.5 million sale of Chappaqua Crossing, a 120,986-square-foot shopping center located in New York’s Westchester County that is part of the redevelopment of the 114-acre former Reader’s Digest headquarters campus. The property is located roughly 35 miles north of New York City in Chappaqua. Tenants at the newly built center include anchors Whole Foods Market and Life Time Fitness, as well as Starbucks Coffee and Chase Bank. Jeffrey Dunne, David Gavin, Steve Bardsley, Jeremy Neuer and Travis Langer of CBRE represented the seller, a joint venture between global investment advisor Summit Development and The Grossman Cos., in the transaction. The team procured an undisclosed investment management firm as the buyer.