Urban Edge Properties Closes Acquisition of $325 Million, Seven Asset Portfolio

NEW YORK--()--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,
Alamo Drafthouse Cinema

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.

Contacts

Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief Financial Officer

Release Summary

Urban Edge Properties Closes Acquisition of $325 Million, Seven Asset Portfolio

Contacts

Urban Edge Properties
Mark Langer, 212-956-0082
EVP and Chief Financial Officer