Urban Edge Properties buys Massapequa, NY, mall for $30M

Urban Edge Properties purchased Sunrise Mall in Massapequa, N.Y., from French diversified real estate investment trust Unibail-Rodamco-Westfield.

The shopping center real estate investment trust paid $29.7 million, plus up to $6 million of additional contingent consideration, for the 1.2 million-square-foot property.

The retail asset is 65% occupied with anchor tenants such as Macy's Inc., Sears Holdings Corp. and Dick's Sporting Goods.

In connection with the deal, Urban Edge teamed up with industrial developer JG Petrucci and Sagamore Hill Partners, an owner-operator affiliate of RIPCO Real Estate Corp. The REIT owns an 82.5% stake in the joint venture.