February 14, 2020 Comments Off on Urban Edge Pays $165M for Midwood Mixed-Use Assets Views: 607 New York News, Outer Boroughs New York

Urban Edge Pays $165M for Midwood Mixed-Use Assets

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Urban Edge Properties  is acquiring Kingswood Center and Kingswood Crossing, a pair of mixed-use buildings along Kings Highway in Brooklyn’s Midwood neighborhood, for $165 million in an off-market transaction. The owners were a partnership of Infinity Real Estate and Nightingale Properties, according to published reports.

The two Kingswood buildings encompass more than 335,000 square feet, including 106,000 square feet of retail and 134,000 square feet of Class A office space anchored by Visiting Nurse Services and other medical tenants. The properties also include 250 below-grade parking spaces, and the potential to add up to 60,000 square feet of office or residential development.

The properties are located less than a block from the Kings Highway subway station. “This transaction highlights our desire to grow in established submarkets with attractive demographics, and we look forward to pursuing similar opportunities as we continue to transform our portfolio,” said Urban Edge CIO Herb Eilberg.

Pictured: Kingwood Crossing.

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