Hines is the owner and property manager of The Source, a 262,031 SF Whole Foods Grocery Anchored center, located in the White Plains Central Business District. Developed in 2003, the site sits on a highly trafficked corner, next to 287 off ramp, with close proximity to Simon’s Westchester mall and Bloomingdale’s. White Plains is rapidly growing as a residential destination: more than 7,000 units of housing have been recently built or under construction.
The Source is in a prominent location with clear signage and accessibility from major roads at the east edge of White Plains CBD. The Source is currently 99% occupied with five retail tenants and two office occupiers. In addition to Whole Foods, retail tenants include the Cheesecake Factory, Raymour & Flanigan, Dick’s Sporting Goods, and the NY State Department of Motor Vehicles. Office tenants include The Hudson Gateway Association of Realtors (HGAR) and the U.S. headquarters of Danone, a French multinational food-products corporation. Indicating their confidence in the location’s future, both Whole Foods and Dick’s Sporting Goods recently renewed their leases for ten years.
Hines U.S. Property Partners (“HUSPP” or the “Fund”), the firm’s flagship commingled U.S. core plus fund, acquired The Source in March of 2023. The Source was HUSPP’s first acquisition in the New York metro area and first grocery-anchored retail acquisition.