NEW YORK — Urban Edge Properties (NYSE:UE) has closed on the $43.7 million acquisition of Hudson Mall, a 383,000 square foot retail center in Jersey City, NJ adjacent to the Company’s existing Hudson Commons shopping center.
The property, which has been privately owned since its original development in 1966, contains several below market leases and has expansion and densification potential.
Marshalls, Toys “R” Us, Staples, Old Navy and other value and necessity-based retailers anchor the center. When combined with Hudson Commons, the Company now owns more than 49 acres and 1,800 linear feet of frontage on Route 440, a major arterial carrying more than 57,000 vehicles per day.
The purchase price includes the assumption of a $23.8 million, 5.07% mortgage maturing in 2023.
Urban Edge Properties is a 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.