Paramus, N.J.-based Urban Edge Properties recently announced the acquisition of a seven-asset, 1.5 million-square-foot retail portfolio in the New York City metro area and Missouri. The company shelled out $325 million to acquire the privately-owned portfolio, which was 83% leased at the time of sale.
The portfolio consists of seven retail assets spread across New York, New Jersey and Missouri, as follows:
- Yonkers Gateway Center in Yonkers, N.Y. – the 436,770-square-foot retail center was 88% leased to tenants such as Burlington, Best Buy, PetSmart and DSW;
- The Plaza at Woodbridge in Woodbridge, N.J. – 81% occupied at the time of sale, the 413,013-square-foot shopping center is home to tenants such as Toys “R” Us, Best Buy and Raymour & Flanigan;
- The Plaza at Cherry Hill in Cherry Hill, N.J. – the 412,969-square-foot property was 74% leased at the time of sale, with tenants including Raymour & Flanigan, Aldi and LA Fitness;
- Manchester Plaza in Manchester, Mo. – boasting 89% occupancy, the 130,934-square-foot shopping center is home to Academy Sports and Bob’s Furniture, among others;
- Millburn Gateway Center in Millburn, N.J. – home to Trader Joe’s, CVS and PetSmart, the 102,725-square-foot asset was 97% leased at the time of sale;
- 21 E. Broad St./One Lincoln Plaza in Westfield, N.J. – the 21,908-square-foot, fully-occupied shopping center is home to tenants such as PNC Bank, Five Guys and Cake Boss.
According to REBusiness Online, the portfolio had been owned by New Jersey-based Acklinis Realty for more than 30 years. The contributors reportedly exchanged their property interests for roughly $122 million of Urban Edge operating partnership units, while the buyer assumed $33 million of existing mortgage debt, issued $126 million of new non-recourse, secured mortgage debt and funded the remaining $44 million in cash.
Newmark Grubb Knight Frank represented the seller in the transaction, while Goodwin Procter LLP served as legal advisor to Urban Edge Properties. The legal team advising the seller was coordinated by Ira Meislik of Meislik & Meislik.