Developers snatch up Yonkers shopping center for $220M

Nuveen, Taconic and North American Properties to redevelop Ridge Hill property

Tri-State /
May.May 09, 2022 08:45 AM
North American Properties' Tim Perry; Nuveen's Nadir Settles; Taconic Partners' Chris Balestra and Ridge Hill at Yonkers (Flickr, iStock, NAP, Nuveen, Taconic Partners)

North American Properties’ Tim Perry; Nuveen’s Nadir Settles; Taconic Partners’ Chris Balestra and Ridge Hill at Yonkers (Flickr, iStock, NAP, Nuveen, Taconic Partners)

UPDATED, May 6, 2022, 8 p.m.: Nuveen Real Estate, Taconic Partners and North American Properties acquired a shopping center in Yonkers for $220 million, one of the largest retail acquisitions to close in the past year.

Ridge Hill is a 74-acre property the partners plan to rebrand and transform the into an outdoor lifestyle center serving the tri-state area.

The renovations are slated to include adjustments to Ridge Hill’s public spaces, street design and parking amenities. The partners said they also plan to attract local food and beverage concepts, along with national luxury apparel and boutique fitness providers.

Developed in 2011, Ridge Hill’s retailers include Apple, Banana Republic, Sephora, H&M, the Container Store and Uniqlo. The center is also home to Legoland Discovery Center, a 12-screen National Amusements Showcase Cinema de Lux, Whole Food, LA Fitness and several full-service restaurants.

While traditional shopping malls have struggled in recent years, outdoor lifestyle centers have attracted more foot traffic, particularly in the wake of the pandemic.

The top 20 lifestyle centers in the highest population U.S. markets reported nearly 8.1 million visits in August 2021, compared with 1.3 million visits in April 2020. In 2021’s second quarter, lifestyle centers drew 46 percent higher rents than regional malls and 11.5 percent higher rents than super regional malls, according to JLL.

As a part of the partnership, North American Properties will begin operations and repositioning of the property in May 2022. The developer has worked on similar projects in other states, including Georgia, North Carolina and Kentucky.

JLL marketed the property on behalf of the seller, QIC US Management, Incorporated, and secured a $181.3 million non-recourse acquisition loan from Heitman Capital Management LLC on behalf of the buyers.

Nuveen Real Estate and Taconic have been collaborators since 2015, collectively investing more than $2 billion across over 2 million square feet in New York. The partners completed a $260 million fundraising round for their jointly sponsored value-add New York City Property Fund II in 2021.





    Related Articles

    arrow_forward_ios
    Pyramid Management Group's Stephen Congel and Crossgates Commons in Albany (Pyramid Management Group)
    Pyramid lands refi to keep shopping center afloat
    Pyramid lands refi to keep shopping center afloat
    Woodbury Common Premium Outlets in Central Valley, NY with Simon Property Group CEO David Simon (Simon Property Group)
    Simon to add 160K sf, hotels to Woodbury Common
    Simon to add 160K sf, hotels to Woodbury Common
    Triple Five Group's Don Ghermezian (Triple Five Group, American Dream Mall, iStock)
    American Dream has 9 days to avoid default
    American Dream has 9 days to avoid default
    Aby Rosen and Jay Penske in front of 475 Fifth Avenue (LoopNet, Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
    Aby Rosen teams up with Rolling Stone publisher on $290M office deal
    Aby Rosen teams up with Rolling Stone publisher on $290M office deal
    Taconic Partners' Matthew Weir and Hudson Research Center 61 at 9 West 54th Street (iStock, Taconic Partners, Hudson Research Center)
    RPI signs at Taconic and Silverstein’s life sciences hub
    RPI signs at Taconic and Silverstein’s life sciences hub
    County Executive J. Ryan McMahon with The Great Northern Mall (Ongov, Google Maps, iStock)
    County exec on delinquent Kohan mall: “We’re just done”
    County exec on delinquent Kohan mall: “We’re just done”
    Barry Sternlicht, chief executive officer, Starwood Capital (Getty Images, iStock)
    Israeli regulator throws support behind Starwood bond default suit
    Israeli regulator throws support behind Starwood bond default suit
    Urban Edge Jeffrey Olson with Sunrise Mall (iStock, Getty, Urban Edge)
    Long Island mall’s owners, eyeing rebirth, will let it die
    Long Island mall’s owners, eyeing rebirth, will let it die
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...