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:
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| Property | | | | Location | | | | GLA SF | | | | Occupancy | | | | Key Tenants |
| Yonkers Gateway Center | | | | Yonkers, NY | | | |
436,770
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88%
| | | | Burlington, Best Buy, DSW, PetSmart,
Alamo Drafthouse Cinema |
| The Plaza at Woodbridge | | | | Woodbridge, NJ | | | |
413,013
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81%
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Raymour & Flanigan, Toys “R” Us, Best Buy
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| The Plaza at Cherry Hill | | | | Cherry Hill, NJ | | | |
412,969
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74%
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Raymour & Flanigan, Aldi, LA Fitness |
| Manchester Plaza | | | | Manchester, MO | | | |
130,934
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89%
| | | | Academy Sports, Bob’s Furniture
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| Millburn Gateway Center | | | | Millburn, NJ | | | |
102,725
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97%
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Trader Joe’s, CVS, PetSmart |
| 21 E Broad St / One Lincoln Plaza | | | | Westfield, NJ | | | | 21,908 | | | | 100% | | | | PNC Bank, Five Guys, Cake Boss
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Total
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1,518,319
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83%
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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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170525006036/en/
Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief
Financial Officer
Source: Urban Edge Properties