NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE:UE) has acquired the leasehold interest in
the Shops at Bruckner for $32.0 million. The property is a 114,000
square foot retail center in the Bronx, NY directly across White Plains
Road from the Company’s 387,000 sf Bruckner Commons. Urban Edge owns the
land under the Shops and has been leasing it to the seller. Marshalls,
Old Navy and other value retailers anchor the property. Acquisition of
the leasehold brings this 501,000 sf retail and office destination under
a single ownership. The transaction includes assumption of a $12.6
million mortgage.
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.
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Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties