New York Retail Property Trades in 1031 Exchange

The Kempner Corp. sold the 25,000-square-foot retail asset in Mount Kisco. HomeGoods is the anchor tenant of the building.
Westchester County HomeGoods. Image courtesy of B+E
Westchester County HomeGoods. Image courtesy of B+E

Online trading platform for net lease properties B+E has secured the sale of Westchester County HomeGoods, a roughly 25,000-square-foot retail asset in Mount Kisco, N.Y. The Kempner Corp. sold the asset for $6.8 million in a 1031 exchange. HomeGoods has a new 10-year lease at the property, with a 4.5-year renewal option. 

Located at 3 E. Main St. on approximately 1.2 acres, the retail property that includes parking is in downtown Mount Kisco and provides convenient access to the Metro-North Railroad station and Saw Mill River Parkway. Westchester County HomeGoods is near Starbucks, Boston Market, Lucy Mini Market and several other shopping venues on a 2-mile radius. 

HomeGoods will also be anchoring a 74,000-square-foot retail development in Strongsville, Ohio. In March, Berkadia secured $19 million in construction financing for Royalton Collection. Half of the retail space was pre-leased at the time the loan closed, with Panera Bread and Outback Steakhouse among the property’s future tenants.