NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) announces that it has entered into a
$43.7 million contract to acquire Hudson Mall, a 383,000 square foot
retail center in Jersey City, NJ adjacent to the Company’s existing
Hudson Commons shopping center. The property has been privately owned
since its original development in 1966. Marshalls, Toys "R" Us, Staples,
Old Navy and other value and necessity-based retailers anchor the
center. When combined with Hudson Commons, the Company will own more
than 49 acres and 1,800 linear feet of frontage on Route 440, a major
arterial carrying more than 57,000 vehicles per day. The property
contains several below market leases and has expansion and densification
potential. The acquisition is expected to close in the first quarter of
2017 and includes the assumption of a $23.8 million, 5.07% mortgage
maturing in 2023.
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,
redevelopment and anchor repositioning 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, 2015. 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.
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Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties