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Developer Louis R. Cappelli has sold a majority stake in City Center in White Plains, relinquishing management of the commercial centerpiece of the city's downtown renaissance to an Illinois real estate investment trust for $53 million in cash, ownership shares valued at nearly $37 million and a refinancing deal that paid off his approximately $125 million mortgage on the property.
The new owner, Inland Diversified Real Estate Trust Inc., a public, nontraded company based in the Chicago suburb Oak Brook, Ill., valued the 382,000-square-foot City Center property at approximately $166.4 million. Cappelli's City Center companies, LC White Plains Retail L.L.C. and LC White Plains Recreation L.L.C., received Class B shares in the joint venture valued at $36.9 million, or about 22 percent of the property's value. Inland Diversified acquitted Class A shares with its $53 million cash contribution, the company reported in a recent filing with the U.S. Securities and Exchange Commission.
The sale does not include the 154,200-square-foot Target PFresh store at...