May 31, 2017 Comments Off on Urban Edge Acquires Retail Portfolio for $325M Views: 952 National News, Top National

Urban Edge Acquires Retail Portfolio for $325M

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.

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