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.
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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.