Chappaqua Crossing On The Former Reader's Digest Campus Sells In $76.5M Deal

CHAPPAQUA, NY — One of the Hudson Valley's most unique retail destinations has just changed hands in a multimillion dollar deal.

Chappaqua Crossing, at what was once the former Reader's Digest campus, is anchored by Whole Foods, Life Time Fitness, Starbucks and Chase Bank. The development is nestled between the Saw Mill Parkway and Route 117.

The center, which took more than 12 years to secure approvals and construct, is part of the massive redevelopment of the former Reader's Digest Headquarters, which encompasses 114 acres and also includes over 500,000 sq. ft. of medical and office space, 64 apartments, and 91 high-end townhomes recently completed by Toll Brothers.

Jeffrey Dunne, David Gavin and Travis Langer of CBRE's National Retail Partners represented Heitman in the sale of Chappaqua Crossing for $76.5 million. The team also brought in the buyer, and new owner, Barings, LLC.

"The sale of Chappaqua Crossing represented a unique opportunity to purchase a Whole Foods-anchored center in an incredibly high barriers-to-entry Westchester County market," Dunne said.

While the development at the Reader's Digest campus faced nearly a decade of opposition, the retail destination has become a shopping hub in the region.

"Chappaqua Crossing has become the dominant grocery-anchored center in the market as a result of Whole Foods' wide draw, limited grocery competition nearby, and the center's regional and local accessibility with a direct exit off the Saw Mill Parkway," Gavin added.