NEW YORK — Urban Edge Properties has entered into a $32 million contract to acquire the leasehold interest in the Shops at Bruckner, a 114,000 square-foot retail center in the Bronx, NY directly across White Plains Road from the Company’s 387,000 square foot 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.
Bruckner Commons is undergoing a $38 million redevelopment anchored by the first ShopRite grocery store in the Bronx. Acquisition of the leasehold will bring this dominant, 501,000 square-foot retail destination under a single ownership. The acquisition is expected to close in the first quarter of 2017 and includes assumption of a $12.7 million mortgage.
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.