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January 6, 2021 Comments (0) Views: 413 Long Island, New York News, Tri-State Area New York

Urban Edge Snags LI Mall for Redevelopment

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Urban Edge Properties acquired Sunrise Mall in Massapequa, NY from Unibail-Rodamco-Westfield for $29.7 million, plus up to $6 million of additional contingent consideration. The 1.2-million-square-foot property offers redevelopment opportunities, given its scale and in-place zoning which provides for industrial and other uses.

A JLL Capital Markets team of Jose Cruz, Kevin O’Hearn, Andrew Scandalios, John Pelusi, Steve Simonelli, Michael Oliver and Ryan Robertson represented the seller.
 
“This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value,” said CEO Jeff Olson.

The mall is currently 65% occupied with anchor tenants including Macy’s, Sears and Dick’s Sporting Goods.
 
Urban Edge has formed a strategic partnership with Sagamore Hill Partners, an owner-operator affiliate of RIPCO Real Estate, and JG Petrucci, an established developer of industrial assets, as part of the acquisition. Urban Edge will serve as the managing member of the partnership. 

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