May 31, 2017
Urban Edge Properties acquired a seven-property retail portfolio totaling 1.5 million square feet in the New York City metropolitan area and Missouri for $325 million. New Jersey-based Acklinis Realty Holding LLC held the assets for more than three decades.
The 83%-leased portfolio included:
- Yonkers Gateway Center, 436,770 square feet, Yonkers, NY
- The Plaza at Woodbridge, 413,013 square feet, Woodbridge, NJ
- The Plaza at Cherry Hill, 412,969 square feet, Cherry Hill, NJ
- Manchester Plaza, 130,934 square feet, Manchester, MO,
- Millburn Gateway Center, 102,725 square feet, Millburn, NJ
- 21 E Broad St / One Lincoln Plaza, 21,908 square feet, Westfield, NJ
Property interests were exchanged for roughly $122 million of Urban Edge operating partnership units valued at $27.02 per unit. Urban Edge assumed roughly $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.
NGKF handled the transaction.
For comments, questions or concerns, please contact Dennis Kaiser