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.