New York Life Real Estate Investors Closes on the Acquisition of Home Depot Plaza in Clifton Heights, Pennsylvania
New York, December 29, 2015—New York Life Real Estate Investors announced today the acquisition of Home Depot Plaza, a 299,634 square foot grocer-anchored shopping center located in an infill suburban submarket of Philadelphia. The property, which is situated along the highly desirable retail corridor on Baltimore Pike known as the Golden Mile, is 98 percent occupied by major tenants including Home Depot, Acme Supermarket, Modell's and Petco.
The Philadelphia metropolitan statistical area (MSA), with a population of more than six million residents, is one of the nation’s largest metropolitan areas and is centrally located within the United States’ Northeast corridor. The Philadelphia International Airport provides a strong positive economic impact and a variety of Fortune 500 companies are situated in the region. Additionally, knowledge-based industries such as biotechnology, information technology and professional services are becoming increasingly prominent. With strong employment growth, population growth and infrastructure improvements, the Philadelphia MSA’s economy is projected to continue to expand and support growth in the region over the long term.
“Home Depot Plaza represents an excellent opportunity to invest in a well established retail center that is anchored by national tenants and located in a very dense suburban Philadelphia market,” said Kevin Smith, managing director at New York Life Real Estate Investors.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company. Please visit New York Life Real Estate Investors’ website at http://www.newyorklife.com/realestateinvestors for more information.
New York Life Real Estate Investors is a full service, fully-integrated real estate enterprise with more than 100 professionals. The division has market-leading capabilities in origination, underwriting, and investment in real estate equity products and related debt, including real estate equity investments, commercial mortgage loans, commercial mortgage backed securities, and unsecured REIT bonds. With over $45 billion in assets under management as of September 30, 2015, New York Life Real Estate Investors is actively seeking to acquire additional properties throughout the U.S.
About New York Life
New York Life Insurance Company, a Fortune 100 company founded in 1845, is the largest mutual life insurance company in the United States* and one of the largest life insurers in the world. New York Life has the highest possible financial strength ratings currently awarded to any life insurer from all four of the major credit rating agencies: A.M. Best (A++), Fitch (AAA), Moody’s Investors Service (Aaa), Standard & Poor’s (AA+).** Headquartered in New York City, New York Life’s family of companies offers life insurance, retirement income, investments and long-term care insurance. New York Life Investments*** provides institutional asset management. Other New York Life affiliates provide an array of securities products and services, as well as retail mutual funds. Please visit New York Life’s website at www.newyorklife.com for more information.
*Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/15/15. For methodology, please see http://fortune.com/fortune500/.
**Individual independent rating agency commentary as of 8/11/15.
***New York Life Investments is a service mark used by New York Life Investment Management Holdings LLC and its subsidiary, New York Life Investment Management LLC.
New York Life Insurance Company