trending Market Intelligence /marketintelligence/en/news-insights/trending/9r7Ie-ZTUOU5WFbIutRkbg2 content esgSubNav
In This List

Urban Edge to acquire 7 retail properties for $325M

Blog

Corporate Credit Risk Trends in Developing Markets An Expected Credit Loss ECL Perspective

Blog

Highlighting the Top Regional Aftermarket Research Brokers by Sector Coverage

Blog

Corporate Credit Risk Trends in Developing Markets: A Loss Given Default (LGD) Perspective

Blog

Real Estate News & Analysis: May Edition


Urban Edge to acquire 7 retail properties for $325M

Urban Edge Properties signed a contract to buy a more than 1.5 million-square-foot retail portfolio comprising seven properties, mainly in the New York City metropolitan area, for $325 million.

The properties are currently 83% leased and include the remaining fee and leasehold interests in Yonkers Gateway Center in Yonkers, N.Y., that were not acquired in a previous deal that closed Jan. 4.

Other properties are The Plaza at Woodbridge in Woodbridge, N.J.; The Plaza at Cherry Hill in Cherry Hill, N.J.; Manchester Plaza in Manchester, Mo.; Millburn Gateway Center in Millburn, N.J.; and 21 E Broad St/One Lincoln Plaza in Westfield, N.J.

Urban Edge is selling $127 million of its operating partnership units valued at $27.02 apiece to the contributors in exchange for their property interests.

Urban Edge will also fund the acquisition with $33 million of existing debt, an issuance of $117 million of non-recourse, secured debt and $48 million cash. The deal is expected to close during the second quarter.

The company's chairman and CEO, Jeff Olson, said in a news release that the company has closed on 10 acquisitions since the beginning of 2017 and expects them to generate an initial cash unleveraged yield of 5.7%.