Ridge Hill, a mixed-use lifestyle center in Yonkers, was acquired for $220 million by a partnership of Nuveen Real Estate, Taconic Partners and North American Properties.
In a press statement, the new owners said they were planning to renovate the 1.2 million-square-foot complex “to incorporate state-of-the-art initiatives that enhance Ridge Hill”™s public spaces, street design and parking amenities. They will also draw on their combined network of retailers to attract top-tier local and NYC inspired food and beverage concepts, and national luxury apparel and boutique fitness providers, building on Ridge Hill”™s existing experiential features to create the leading lifestyle center in the tri-state region.”
“We see this as an attractively priced asset in an evolving sector that fits within our well-diversified New York property focused real estate fund,” said Nadir Settles, managing director at Nuveen and head of the New York Property Fund. “The acquisition of Ridge Hill reflects a generational opportunity to re-position an already dominant lifestyle center that sits in the heart of one of the country”™s most affluent and densely populated regions.”
JLL marketed the property on behalf of the seller, QIC US Management Inc., and working on behalf of the new owners to secure a $181.3 million non-recourse acquisition loan from Heitman Capital Management LLC.
