Mixed-use lifestyle center in Yonkers sells

NEW YORK, May 5, 2022 – JLL Capital Markets announced today that it has 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. 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.

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, including 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. 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.

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. 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. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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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. 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. For further information, please visit us at nuveen.com/realestate.

*Includes 345 real estate investment professionals, supported by a further 385 Nuveen employees. Source: Nuveen, 31 Dec 2021.

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. 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 43^rd 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. For more information, visit TaconicPartners.com.

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. 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. Currently, the company’s mixed-use portfolio includes Avalon in Alpharetta, Georgia; Avenue East Cobb in Marietta, Georgia; Birkdale Village in Huntersville, North Carolina; Colony Square in Midtown Atlanta; Newport on the Levee in Newport, Kentucky; Riverton in the New York metro area; and The Forum on Peachtree Parkway. For more information, visit naproperties.com.