 |
| Claudia Steeb |
NEW YORK, NY – JLL Capital advised
on the sale of and arranged acquisition financing for Ridge Hill, a 1.2
million-square-foot mixed-use lifestyle center with retail and office space in
the New York City-area community of Yonkers, New York.
JLL
marketed the property on behalf of the seller, QIC US Management, Incorporated.
 |
| Joy Dracos. |
A
joint venture between Nuveen Real Estate, Taconic Partners and North American
Properties acquired the asset for $220 million.
Additionally,
working on behalf of the new owner, JLL secured a $181.3 million non-recourse
acquisition loan from Heitman Capital Management LLC.
 |
| Dave Monahan |
The partnership plans to transform Ridge
Hill into a preeminent outdoor lifestyle center that will capitalize on the
property’s existing experiential features combined with national luxury and
fitness retailers and top-tier food and beverage options.
Ridge Hill is currently 71.7 percent occupied
and home to a mix of first-class retail and office tenants.
They include Whole
Foods, Lowe’s, Dick’s Sporting Goods, T.J.Maxx, H&M, LA Fitness, LL Bean,
Showcase Cinemas, Legoland Discovery Center, Guitar Center, the Container Store
and Westmed Medical Group.
 |
| Cameron Pittman |
The
property, which opened in 2011, welcomes 7.1 million annual visitors and is in
the top 1% of the most trafficked centers in the U.S. and New York.
Positioned on 74 acres at One Ridge Hill
Blvd., the center is in Yonkers, which is in Westchester County and one of the
wealthiest locations in the country.
Ridge
Hill is 20 minutes north of New York City and immediately adjacent to the
Sprain Brook Parkway.
This
irreplaceable location is in a top-tier trade area that includes 681,744
residents within a 15-minute drive who earn an average annual household income
of $109,333.
 |
Chris Angelone
|
The JLL Retail Capital Markets team that
represented the seller was led by Senior Managing Director Dave Monahan,
Senior Director Cameron Pittman, Senior Managing Director and Co-Head of
U.S. Retail Capital Markets Chris Angelone and Senior Managing Directors
Jose Cruz and Andrew Scandalios.
“Ridge Hill is one of the more compelling
investment opportunities that I have transacted on in my career,” Monahan said.
“Driven
by the exceptional trade area characteristics, highly desirable existing
tenancy and multiple value creation opportunities, this asset received a
tremendous amount of interest from a broad range of investors.
 |
| Jose Cruz |
"The
collective experience and operational expertise of the buyer group of Nuveen,
Taconic and North American Properties creates an ownership that is uniquely
qualified to enable Ridge Hill to achieve its highest potential.”
The JLL Capital Markets Debt Advisory
team that represented the borrower included Senior Managing Directors Kellogg
Gaines, Aaron Niedermayer and Evan Pariser, Managing Director Claudia
Steeb and Analyst Joy Dracos.
JLL Capital Markets is a full-service
global provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales and advisory,
debt advisory, equity advisory or a recapitalization.
 |
Andrew Scandalios
|
The
firm has more than 3,000 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For more news, videos and research resources on
JLL, please visit our newsroom.
About Nuveen Real Estate
Nuveen Real Estate is one of the largest
investment managers in the world with $152 billion of assets under management.
Managing
a suite of funds and mandates, across both public and private investments, and
spanning both debt and equity across diverse geographies and investment styles,
we provide access to every aspect of real estate investing.
 |
| Kellogg Gaines |
With
over 85 years of real estate investing experience and more than 725 employees*
located across 30 cities throughout the United States, Europe and Asia Pacific,
the platform offers unparalleled geographic reach, which is married with deep
sector expertise.
*Includes
345 real estate investment professionals, supported by a further 385 Nuveen
employees.
Source: Nuveen, 31 Dec 2021.
About
Taconic Partners
Since 1997, Taconic Partners has acquired,
redeveloped and repositioned over 13 million square feet of commercial office
and mixed-use space, as well as over 6,500 units of luxury and workforce
housing.
 |
| Aaron Niedermayer |
As
a fully integrated real estate company with a keen eye for uncovering value,
its diverse capabilities are evidenced by its multifaceted success with luxury
properties, as well as adaptive reuse and urban revitalization projects.
In New York City, Taconic is currently
developing 619 West 54th Street—the Hudson Research Center, 125 West End
Avenue, 817 Broadway, 312 West 43rd Street and Essex Crossing
on the Lower East Side.
The firm also manages various real estate
funds on behalf of institutional and pension fund investors
About North American Properties
Founded in 1954, North American Properties is a
privately held, multi-regional real estate operating and development company
that has acquired, developed and managed more than $7 billion of mixed-use,
retail, multifamily and office properties across the United States.
 |
| Evan Pariser |
Rooted
in its purpose-driven approach to development, North American Properties is
creating great places that connect people to each other; cities to their souls;
partners to opportunities; and individuals to experiences that move them.
Headquartered
in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Florida, the
company has developed 22 million square feet of commercial space and 19,000
residential units in 15 states and 67 cities.
In
the past three years, North American Properties has launched 36 projects
totaling $2.2 billion in total capitalization. In metro Atlanta, North American
Properties led the turnaround of Atlantic Station and the ground up development
of Avalon.
CONTACT:
Kimberly
Steele
PR, Capital
Markets,
Agency Leasing
and Valuation Advisory
JLL
T +1 713 852 3420
M +1 832 244 9994
JLL.com
nuveen.com/realestate.
TaconicPartners.com.
naproperties.com.
jll.com.
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