Inland Diversified acquires City Center at White Plains through JV

White Plains, N.Y. -- Oak Brook, Ill.-based Inland Diversified Real Estate Trust announced the acquisition of a majority interest in City Center at White Plains, a four-story, 381,905-sq.-ft. mixed-use shopping center and apartment property in White Plains, N.Y.

The property was acquired in a joint venture between a subsidiary of Inland Diversified and affiliates of real estate developer Cappelli Group. The joint venture valued the property at approximately $166.4 million.

The retail portion of the property is anchored by ShopRite Supermarkets, Nordstrom Rack, New York Sports Club and Barnes & Noble. Other tenants include a 15-screen National Amusements movie theater, Buffalo Wild Wings, Applebee’s, Atlanta Bread Company, Temptation Asian Fusion, Cold Stone Creamery and Greenpoint Bank. Toys “R” Us is scheduled to open in March. The property is shadow-anchored by a 154,241-sq.-ft. Target P-Fresh store, located in the basement of the four-story building, which was not acquired.