Vernon Hills.
NEW YORK CITY – Ashkenazy Acquisition Corp., a national real estate investment firm based in New York City, has acquired Vernon Hills Shopping Center, a 380,000-square-foot shopping mall in Eastchester, New York's Westchester County for $125 million. Cushman & Wakefield arranged the deal.
Ashkenazy's high growth portfolio invests in retail, hotel, and office assets, with over 100 buildings valued at $14 billion in its book. The firm has had an eye on the Vernon Hills Shopping Center for more than 15 years. Now the family-owned organization looks forward to having the asset within its portfolio as a trophy property, according to President Daniel Levy.
Comprised of five buildings, the mixed-use property located at 700 White Plains Road is five miles away from the central business district. The property is a mix of retail, medical and business tenants catering directly to a five mile radius of over 450,000 residents. The densely populated area boasts an average yearly median income of $144,000.
Retail tenants include Starbucks, New York Sports Club, Barnes & Noble, Gap, American Eagle, Brooks Brothers and West Elm. Medical tenants moving into the area include Lawrence Hospital and its affiliated NY Presbyterian and Columbia Medical practices.
Senior lender Peoples United Bank and Amerant Bank, Iberia Bank and Westchester Bank financed the acquisition. "The asset is a flagship mixed-use center in one of the most affluent townships outside New York City," John Alascio of Cushman & Wakefield's Manhattan-based Equity, Debt & Structured Finance said in a prepared statement. "Ashkenazy Acquisition Corp.'s sponsorship and business plan resonated with the banking community. In turn, active bidding from the debt markets resulted in long-term balance sheet execution."
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Mariah Brown
Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.
