Urban Edge (UE) acquires Sunrise Mall for redevelopment.
Urban Edge (UE) announced today that is has formed a joint venture to acquire Sunrise Mall located in Massapequa, NY. UE said that will serve as the managing partner for the property with an 82.5% equity interest. The purchase price was $29.7 million, with up to $6 million of additional contingent consideration.
Established in the early 1970's, Sunrise Mall includes 1.2 million square feet of retail space and is sited on a 77-acre parcel also zoned for industrial use. The mall is currently 65% occupied with anchor tenants including Macy's, Sears, and Dick's Sporting Goods. While UE has not announced specific plans for the property, CEO Jeff Olson noted "This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value."
Urban Edge is a community shopping center REIT with a current portfolio of 77 properties centered in the New York Metropolitan region. As of September 30, 2020, UE had a total market capitalization of approximately $3.0 billion.
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Established in the early 1970's, Sunrise Mall includes 1.2 million square feet of retail space and is sited on a 77-acre parcel also zoned for industrial use. The mall is currently 65% occupied with anchor tenants including Macy's, Sears, and Dick's Sporting Goods. While UE has not announced specific plans for the property, CEO Jeff Olson noted "This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value."
Urban Edge is a community shopping center REIT with a current portfolio of 77 properties centered in the New York Metropolitan region. As of September 30, 2020, UE had a total market capitalization of approximately $3.0 billion.
01/04/2021