CONTACT US
Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting cushmanwakefield.com to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield: Ashkenazy Acquires Vernon Hills Shopping Center

11/4/2019
Ashkenazy Acquisition Corp. has added Vernon Hills Shopping Center in Eastchester to its diversified portfolio in an acquisition orchestrated by Cushman & Wakefield.

Eastchester, NY – Ashkenazy Acquisition Corp. has added Vernon Hills Shopping Center in Eastchester to its diversified portfolio in an acquisition orchestrated by Cushman & Wakefield. The New York City-based, private real estate investment firm purchased the five-building Westchester County asset at a cost exceeding $125 million from Vernon Hills Shopping Center LLC.

The market-leading, mixed-use property, totaling more than 380,000 square feet and located just five miles from the White Plains CBD at 700 White Plains Road, features a mix of retail, medical and professional credit tenants serving a densely populated trade area. More than 450,000 people live within five miles of Vernon Hills Shopping Center; the average household income within that same radius is nearly $144,000. The property’s notable retailers include Starbucks, New York Sports Club, Barnes & Noble, Gap, American Eagle, Brooks Brothers, and West Elm, among others. Its medical presence is expanding significantly due to high demand in the local market, with major tenants including Lawrence Hospital along with its affiliated NY Presbyterian and Columbia Medical practices.

“Ashkenazy Acquisition Corp. had been eying this investment property – with its irreplaceable location and remarkable tenant demand – for more than 15 years, noted Cushman & Wakefield’s Andrew Merin. “This was a family-owned and operated asset since it was originally developed in the 1950s, and as such it can be considered a once in a lifetime acquisition.”

Cushman & Wakefield’s East Rutherford, N.J.-based capital markets team represented the seller and procured the buyer in the Vernon Hills Shopping Center trade, with Merin, David Bernhaut, Gary Gabriel, Brian Whitmer, Frank DiTommaso and Kyle Schmidt leading the assignment with Matt Lisk and Al Mirin of the commercial real estate services firm’s Stamford, Conn., office. Additionally, John Alascio, Gideon Gil, Sridhar Vankayala, TJ Sullivan and Maya Steinberger of Cushman & Wakefield’s Manhattan-based Equity, Debt & Structured Finance (EDSF) team represented Ashkenazy Acquisition Corp in arranging acquisition financing. The loan was provided by Peoples United Bank, as lead lender, with Amerant Bank, Iberia Bank and Westchester Bank as lending participants.

“The asset is a flagship mixed-use center in one of the most affluent townships outside New York City,” Alascio said. “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.”

“Vernon Hills Shopping Center is a welcomed addition to Ashkenazy Acquisition Corp’s portfolio,” said President Daniel Levy. The firm invests in retail, hotel, and office assets and maintains a growing portfolio of more than 100 buildings valued at $14 billion. “We have watched Vernon Hills Shopping Center thrive for years under the stewardship of the seller and his family, who built the Vernon Hills Shopping Center,” he said. “Now our family-owned organization will aspire to continue this track record. We are proud to incorporate this outstanding property among our most iconic holdings.”

Ashkenazy Acquisition has a superior performance history in purchasing and managing premier assets. Led by seasoned, in-house acquisitions, finance, construction, leasing, development and marketing professionals, its integrated team offers expertise at all levels of property transaction and subsequent management.

Cushman & Wakefield’s New Jersey capital markets team specializes exclusively in office, industrial, multifamily, land and retail property trades throughout New Jersey, New York, and Fairfield County, Conn. The group has completed $32 billion worth of transactions since 2000, closing over $3.3 billion in sales in 2018.

Cushman & Wakefield EDSF is a leading advisor of state-of-the-art financing and equity structuring, with a demonstrated track record for completing mid-market and large, complex transactions at exceptional terms. The team executed nearly $12 billion in 2018.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Cushman & Wakefield Media Contact

Michael Boonshoft New York Communications

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All
SAVE SETTINGS