Urban Edge Properties (NYSE:UE) has acquired the leasehold interest in the Shops at Bruckner for $32.0 million.
The property is a 114,000 square foot retail center in Bronx, NY directly across White Plains Road from the Company’s 387,000 sf Bruckner Commons.
Urban Edge owns the land under the Shops and has been leasing it to the seller. Marshalls, Old Navy and other value retailers anchor the property.
Acquisition of the leasehold brings this 501,000 sf retail and office destination under a single ownership.
The transaction includes assumption of a $12.6 million mortgage.
About Urban Edge Properties
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 83 properties totaling 14.8 million square feet of gross leasable area.