New York Life Real Estate Investors acquires majority interest in Cortlandt Town Center

Mohegan Lake, NY New York Life Real Estate Investors has acquired, on behalf of institutional investors, a majority interest in Cortlandt Town Center from an entity controlled by Acadia Realty Trust.

Cortlandt Town Center is a 641,000 s/f grocery anchored power center located on Rte. 6. The center is 97% 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 its tenant mix, is one of the premier retail destinations in the region drawing from a wide area in Westchester County due to the center’s direct access to the Taconic State Pwy., Rte. 202 and I-684.

 “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.

New York Life Real Estate Investors is a division of NYL Investors LLC, a wholly-owned subsidiary of New York Life Insurance Company.

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.

New York Life Insurance Company, a Fortune 100 company founded in 1845, is one of the largest mutual life insurance companies 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.