Urban Edge Properties' operating partnership agreed to acquire a stake in a New York shopping center from a third party, in exchange for about $51.7 million of the operating partnership's newly issued common limited partnership units.

Beginning one year after issuance of the units, the unit holders will have the option of redeeming the units for cash or common shares of the company's beneficial interest on a 1-for-1 basis, subject to certain adjustments.

The deal is set to close in January 2017.