New York Life Real Estate Investors Closes on the Acquisition of Cortlandt Town Center, Mohegan Lake, NY
New York, February 1, 2016—New York Life Real Estate Investors announced today the acquisition, on behalf of institutional investors, of a majority interest in Cortlandt Town Center in Mohegan Lake, NY from an entity controlled by Acadia Realty Trust.
Cortlandt Town Center is a 641,000 square foot grocery anchored power center located on Route 6 in New York’s Westchester County. The center is 97 percent leased, primarily to national retailers including Walmart, Acme, Bed Bath & Beyond, Marshalls, Michael’s, DSW, PetSmart, Barnes & Noble, United Artists Theatre and Best Buy. The center is also shadow anchored by The Home Depot. Cortlandt Town Center, with a diverse tenant mix, is the premier retail destination in the region drawing from a wide area in Westchester County due to the center’s direct access to the Taconic State Parkway, Route 202 and Interstate 684.
Westchester County is known for its large population of well educated and affluent residents, numerous corporate headquarters, close proximity to Manhattan and excellent public school systems. There are over 88,000 people within five miles of the center, increasing to over 242,000 people within 10 miles. Within a five mile radius, 66 percent of the employment base is employed in a white collar profession with an average household income over $112,000.
“Cortlandt Town Center represents an excellent opportunity to invest in a well established, dominant retail center anchored by national tenants and located in an affluent New York market with high barriers for entry,” 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 $45.6 billion in assets under management as of December 31, 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