New York Life Real Estate Investors Acquires Bradford Plaza
NEW YORK, June 10, 2014 – New York Life Real Estate Investors announced today the acquisition of Bradford Plaza, a 160,970 square foot community retail center project located in West Chester, Pennsylvania.
Bradford Plaza is located at 700 Downingtown Pike and is anchored by a Giant Foods, the leading grocer in Chester County, along with major tenants including Walgreens, Dollar Tree, Petco and a Giant fuel station. The property also includes a proposed 4,300 square foot pad site. The property is currently 89% leased to 18 tenants.
"Bradford Plaza is representative of New York Life Real Estate Investors' strategy to pursue high quality shopping centers anchored by the dominant grocer in the respective market," said Kevin Smith, managing director, New York Life Real Estate Investors.
"With a very strong performing Giant Foods combined with Walgreens, Petco, Dollar Tree and the Giant fuel station, the center offers good upside potential by leasing the vacant space, as well as the pad site," he added.
About New York Life Real Estate Investors
New York Life Real Estate Investors is a division of New York Life Investments1 and NYL Investors, LLC, wholly-owned subsidiaries of New York Life Insurance Company.
New York Life Real Estate Investors is a full service, fully integrated real estate division with more than 100 professionals. New York Life Real Estate Investors 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. As of March 31, 2014, New York Life Real Estate Investors manages approximately $36 billion in AUM and 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 States2 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+).3 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 Investments4 provides institutional asset management and retirement plan services. 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.
1. 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 Investment Management LLC is a wholly-owned indirect subsidiary of New York Life Insurance Company.
2. Based on revenue as reported by "Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual)," Fortune magazine, 6/16/14. For methodology, please see http://fortune.com/fortune500/.
3. Individual independent rating agency commentary as of 6/4/14.
4. 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.