JLL Capital Markets has completed the sale and financing of City Center, a grocery-anchored retail property in downtown White Plains. The 361,948-square-foot complex traded for $50 million, with JLL securing the disposition on behalf of the seller, Kite Realty Trust, and arranging acquisition financing for the buyer, PropUp Group.
City Center is located at 5 Mamaroneck Ave. in the heart of downtown White Plains. The multi-level property is anchored by ShopRite, providing a daily-needs grocery draw for the surrounding community. Additional anchor and junior anchor tenants include Burlington, Nordstrom Rack, New York Sports Club and Apple Cinemas, the latter operating a 15-screen movie theater that contributes to the project’s entertainment and evening traffic.
Beyond its retail lineup, the property includes 24 affordable apartment units, adding a residential component to the mixed-use environment. This integration of affordable housing within a retail-led asset underscores the project’s role in serving a broad cross-section of local residents and supporting steady foot traffic for the on-site retailers.
On the capital stack, JLL Capital Markets arranged $39.2 million in acquisition financing from a regional bank on behalf of PropUp Group. The financing complements the sale execution, enabling the buyer to acquire a sizeable, grocery-anchored urban asset with existing income from a diverse tenant base. Specific loan terms were not disclosed.
The JLL Capital Markets Investment Sales and Advisory team leading the assignment comprised Kevin O’Hearn, J.B. Bruno and Jose Cruz. The team oversaw both the marketing of the asset and the sourcing of debt financing, coordinating a transaction that drew strong interest from the investment community.
Commentary from JLL highlighted White Plains as a strong and improving submarket, with ongoing luxury residential and mixed-use development activity contributing to the area’s appeal. That backdrop, combined with the property’s grocery anchor and multi-tenant configuration, supported a robust response from prospective buyers and helped position City Center as a competitive offering within the regional retail investment landscape.
