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Urban Edge under contract to buy leasehold interest in NY retail center

Urban Edge Properties is under contract to buy the leasehold interest in the Shops at Bruckner retail center in the Bronx, N.Y., for $32 million, including $12.7 million in assumed mortgage.

The company already owns the land underneath the 114,000-square-foot center, which is anchored by value retailers such as Marshalls and Old Navy. The center sits right across from the company's Bruckner Commons property, which covers 387,000 square feet and is undergoing a $38 million renovation.

The leasehold acquisition, set to close during the 2017 first quarter, will allow Urban Edge to solely own the 501,000-square-foot retail property.