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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