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 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 mixed-use property, totaling more than 380,000 s/f and located five miles from the White Plains CBD at 700 White Plains Rd., 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.
“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.”