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New York & Tri-State  + Fairfield/Westchester  + Retail  | 

Nuveen, Taconic and North American Partner to Acquire Yonkers’ Ridge Hill Lifestyle Center

Nuveen Real Estate, Taconic Partners and North American Properties have acquired Ridge Hill, a mixed-use lifestyle center in Yonkers, NY, for $220 million, with the intention of rebranding and transforming the 74-acre property into the preeminent outdoor lifestyle center serving the northern New York City metropolitan area.

Renovation plans for the 1.2-million-square-foot complex, currently 71.7% occupied, are still in development, but the partners will look to incorporate state-of-the-art initiatives that enhance Ridge Hill’s public spaces, street design and parking amenities. 

“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 reposition an already dominant lifestyle center that sits in the heart of one of the country’s most affluent and densely populated regions.”

The JLL Retail Capital Markets team that represented the seller, QIC US Management, was led by senior directors Dave Monahan and Cameron Pittman, co-head of U.S. Retail Capital Markets Chris Angelone and senior managing directors Jose Cruz and Andrew Scandalios.

JLL also arranged $181.3 million in acquisition financing. A JLL Capital Markets Debt Advisory team of senior managing directors Kellogg Gaines, Aaron Niedermayer and Evan Pariser, managing director Claudia Steeb and analyst Joy Dracos secured a non-recourse loan from Heitman Capital Management.

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  • ◦Sale/Acquisition