NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) announces the acquisition of Pan Bay
Center, located in the Howard Beach neighborhood of Queens, New York
City, for $27 million. The property includes almost the entire block on
the west side of Cross Bay Boulevard between 156th Avenue and 157th
Avenue. Consisting of approximately 50,000 square feet, the property is
currently 85% leased with local retail tenants on the ground floor and
medical office tenants on the second floor. The property also includes
97 parking spaces.
“This acquisition demonstrates our ability to identify and to acquire
off-market assets in established, urban areas where we can add value by
improving the physical offering and merchandising, by filling vacancy
and by bringing rents to market.” said Jeff Olson, Chairman and CEO of
Urban Edge.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust
focused on managing, acquiring, developing, and redeveloping retail real
estate in urban communities, primarily in the New York metropolitan
region. Urban Edge owns 83 properties totaling 14.8 million square feet
of gross leasable area.
FORWARD-LOOKING STATEMENTS
Certain statements contained in this Press Release constitute
forward-looking statements as such term is defined in Section 27A of the
Securities Act of 1933, as amended, and Section 21E of the Securities
Exchange Act of 1934, as amended. Forward-looking statements are not
guarantees of future performance. They represent our intentions, plans,
expectations and beliefs and are subject to numerous assumptions, risks
and uncertainties. Our future results, financial condition and business
may differ materially from those expressed in these forward-looking
statements. You can find many of these statements by looking for words
such as “approximates,” “believes,” “expects,” “anticipates,”
“estimates,” “intends,” “plans,” “would,” “may” or other similar
expressions in this Press Release. Many of the factors that will
determine the outcome of these and our other forward-looking statements
are beyond our ability to control or predict; these factors include,
among others, the company's ability to complete its active development
and redevelopment projects, the company's ability to engage in the
projects in its planned expansion and redevelopment pipeline and the
company's ability to achieve the estimated unleveraged returns for such
projects.
For further discussion of factors that could materially affect the
outcome of our forward-looking statements, see “Risk Factors” in Part I,
Item 1A, of our Annual Report on Form 10-K for the year ended December
31, 2014, as amended. For these statements, we claim the protection of
the safe harbor for forward-looking statements contained in the Private
Securities Litigation Reform Act of 1995. You are cautioned not to place
undue reliance on our forward-looking statements, which speak only as of
the date of this Press Release. All subsequent written and oral
forward-looking statements attributable to us or any person acting on
our behalf are expressly qualified in their entirety by the cautionary
statements contained or referred to in this section. We do not undertake
any obligation to release publicly any revisions to our forward-looking
statements to reflect events or circumstances occurring after the date
of this Press Release.
View source version on businesswire.com: http://www.businesswire.com/news/home/20160104005775/en/
Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties