NEW YORK--(BUSINESS WIRE)--Urban Edge Properties (NYSE:UE) today announced that it has closed on the acquisition of seven retail assets comprising 1.5 million square feet of gross leasable area, predominately in the New York City metropolitan area, for $325 million. The portfolio was privately owned for more than three decades and is currently 83% leased.
The contributors exchanged their property interests for approximately $122 million of UE operating partnership units valued at $27.02 per unit. UE assumed approximately $33 million of existing mortgage debt, issued approximately $126 million of new non-recourse, secured mortgage debt and funded the remaining $44 million in cash.
The acquired portfolio includes:
| Property |
Location |
GLA SF |
Occupancy |
Key Tenants |
||||||||||||
| Yonkers Gateway Center | Yonkers, NY | 436,770 | 88% |
Burlington, Best Buy, DSW, PetSmart, |
||||||||||||
| The Plaza at Woodbridge | Woodbridge, NJ | 413,013 | 81% | Raymour & Flanigan, Toys “R” Us, Best Buy | ||||||||||||
| The Plaza at Cherry Hill | Cherry Hill, NJ | 412,969 | 74% | Raymour & Flanigan, Aldi, LA Fitness | ||||||||||||
| Manchester Plaza | Manchester, MO | 130,934 | 89% | Academy Sports, Bob’s Furniture | ||||||||||||
| Millburn Gateway Center | Millburn, NJ | 102,725 | 97% | Trader Joe’s, CVS, PetSmart | ||||||||||||
| 21 E Broad St / One Lincoln Plaza | Westfield, NJ | 21,908 |
100% |
PNC Bank, Five Guys, Cake Boss | ||||||||||||
| Total | 1,518,319 | 83% | ||||||||||||||
Newmark Grubb Knight Frank represented the contributors in the transaction. Goodwin Procter LLP served as legal advisor to UE and Ira Meislik of Meislik & Meislik coordinated the legal team advising the contributors.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, developing, redeveloping and acquiring retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 92 properties totaling 16.7 million square feet of gross leasable area.
