Yonkers, New YorkRetail complex to be remodeled to the outstanding outdoor lifestyle center
NEW YORK, May 5, 2022 /PRNewswire/ — Nuveen Real Estate, Taconic Partners and North American Properties have acquired Ridge Hill to the $220 milliona mixed-use lifestyle center in Yonkers, New Yorkwith a view to rebranding and transforming the 74-acre property into the pre-eminent outdoor lifestyle hub for the North NYC metropolitan area.
Renovation plans for the 1.2 million square foot complex are still in development, but the partners will seek to incorporate state-of-the-art improvement initiatives Ridge Hills public spaces, street design and parking facilities. They will also draw on their combined network of retailers to attract premium local and NYC-inspired food and beverage concepts, as well as national luxury apparel and boutique fitness suppliers to build on Ridge Hills existing experience characteristics to create the leading lifestyle center in the tri-state region.
“We see this as an attractively valued asset in a developing sector that fits our well-diversified industry new York property-focused property fund,” said Nadir settlements, Managing Director at Nuveen and head of the New York Property Fund. “The acquisition of Ridge Hill reflects a generational opportunity to reposition an already dominant lifestyle hub, located in the heart of one of the most affluent and densely populated regions in the country.”
“This unique retail property will be a great addition to our fund and we look forward to being part of its successful redevelopment,” he said Chris BalestraPresident and Chief Investment Officer at Taconic Partners.
Lifestyle centers with high visitor frequency and outstanding rental income
As the retail economy continues to reopen, lifestyle centers could be one of the most undervalued retail asset classes today. Conceived as a modern interpretation of the shopping mall, lifestyle centers feature outdoor environments and multiple uses, including offices, multi-family dwellings and hospitality, as well as upscale national chains and specialty retailers. Research has shown that the top 20 lifestyle centers in the most populous US markets saw nearly 8.1 million visits Aug 2021compared to 1.3 million visits in April 2020. In the second quarter of 2021, lifestyle centers achieved 46 percent higher rents than regional shopping centers and 11.5 percent higher rents than national shopping centers.1
developed in 2011, Ridge Hill offers a variety of local and national retailers including 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. Ridge Hill is located at exit 6A of the The State of New York Thruway and off the Tuckahoe Road West exit of the Sprain Brook Parkway, making it easily accessible to all residents and visitors Westchester and Putnam counties and the NYC metropolitan area.
As part of the partnership, North American Properties (NAP) will begin operations and repositioning of the property May 2022. NAP is a full-service boutique real estate owner/developer, distinguished by projects such as Avalon in Alpharetta, GA; Birkdale Village in Charlotte, NC; colony place Atlanta, GA; and, Newport in on the dam Newport, Kentucky. The partnership between Nuveen and NAP continues to grow Ridge Hill represent their third joint project. The partners recently acquired The Forum, an open-air lifestyle center on Peachtree Parkway in Peachtree Corners, GA.
“In the last decade, Ridge Hill has become a core part of joker community and we greatly appreciate the opportunity to enhance it by applying our high quality, hospitable approach to management. We coined the term ExperienceMakers® for our team years ago because it’s in our DNA to make an impact on the life of every guest we serve and we can’t wait to introduce ourselves to the market,” said Tim Perri, Managing Partner at NAP. “We have already started working to improve public spaces, advance technology in the guest and parking experience, and unleash the full development potential of the site longer term. To help shape and define this location will require community engagement to determine what is missing, from both a retail and experiential perspective.”
Nuveen Real Estate and Taconic Partners have worked together since 2015 and together have more than invested 2 billion dollars to over 2 million square feet in new York. The partners completed a $260 million Fundraising round for their co-sponsored value-add New York City Property Fund II in 2021. The acquisition of Ridge Hill reflects the partnership’s first investment in value-add retail and an opportunity to grow beyond their existing life science , office and industrial holdings. Together, Taconic Partners and Nuveen Real Estate will continue to seize unique opportunities to reposition idle assets or develop best-in-class products for the future.
About Nuveen Real Estate
nuveen Real Estate is one of the largest investment managers in the world with $152 billion of the managed assets. By managing a range of funds and mandates for both public and private investments, and both debt and equity, across different geographies and investment styles, we offer access to all aspects of real estate investing. With over 85 years of experience in real estate investments and more than 725 employees* in 30 cities The United States, Europe and Asia Pacificthe platform offers an unparalleled geographic reach coupled with deep industry expertise. For more information please visit us at nuveen.com/realestate.
*Includes 345 real estate investment professionals supported by an additional 385 Nuveen employees.
Source: Nuveen, December 31, 2021.
About Taconic Partners
Since 1997, taconic Partners has acquired, rehabilitated and repositioned over 12 million square feet of commercial office and mixed-use space and over 6,500 luxury and work homes. A fully-integrated real estate firm with a keen eye for value uncovering, his diverse skill set is evidenced by his multi-faceted success with luxury real estate, adaptive reuse and urban revitalization projects. In NYC, taconic currently under development 619 West 54th Street – the Hudson Research Center, 125 West End Avenue, 817 Broadway, 312 West 43approx street and Essex Crossing on the Lower East Side. The company also manages various real estate funds on behalf of institutional investors and pension fund investors. For more information visit www.TaconicPartners.com
About North American Properties
Founded in 1954, North American Properties is a privately held, multi-regional real estate operations and development company that has acquired, developed and managed more than 7 billion dollars of mixed-use, retail, multi-family and office properties The United States. Rooted in its purpose-driven approach to development, North American Properties creates great places that connect people; cities to their souls; partners for opportunities; and individuals to experiences that move them. headquarters in cincinnatiwith offices in Atlanta, Dallas and cont mine, Floridathe 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 a total of 36 projects $2.2 billion in total capitalization. In the subway Atlanta, North American Properties led the turnaround of Atlantic Station and the fundamental development of Avalon. Currently, the Company’s mixed-use portfolio includes Avalon in Alpharetta, Georgia; Avenue East Cobb a Marietta, Georgia; Birkdale village a Huntersville, North Carolina; Colony Square in Midtown Atlanta; Newport in on the dam Newport, Kentucky; Riverton in which new York subway area; and The Forum peach tree Avenue. For more information visit naproperties.com.
nuveen Media Relations
1 According to real estate company JLL