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THE VERNON HILLS SHOPPING CENTER IN EASTCHESTER has been sold to a private real estate investment firm that has a retail, hotel and office portfolio encompassing more than 100 buildings valued at $14 billion. The shopping center at the Eastchester-Scarsdale line was bought by New York Citybased Ashkenazy Acquisition Corp. (AAC) from Vernon Hills Shopping Center LLC at a price described as being more than $125 million.
Daniel Levy, president of AAC, told the Business Journal, "Acquiring Vernon Hills has been a goal of ours for over a decade. It's an irreplaceable property and an important part of the greater Westchester community, due to the wide range of tenants it can support and location within a densely populated trade area."
In response to a question on whether it is planning upgrades or renovations, Levy said, "The sellers have done an incredible job with this property. In the near term, we will be taking a fresh look to see how we can improve the Vernon Hills experience for both existing tenants and customers. Ashkenazy Acquisition Corp. takes a long-term approach to real estate ownership and we plan to make strategic...