Urban Edge Properties has entered into a contract to acquire a seven-property portfolio of retail assets for $325 million. The portfolio was 83 percent leased at the time of sale.
According to CoStar Group, affiliates of New Jersey-based Acklinis Realty Holding was the seller.
The transaction is expected to close during the second quarter of 2017.
The portfolio, which spans approximately 1.5 million square feet of leasable space, will consist primarily of retail properties in the New York City area, with holdings in the Philadelphia and St. Louis areas as well.
The portfolio consists of:
- the 436,770 square-foot Yonkers Gateway Center in Yonkers, N.Y.;
- the 413,013 square-foot The Plaza at Woodbridge in Woodbridge, N.J.;
- the 412,969 square-foot The Plaza at Cherry Hill in Cherry Hill, N.J.;
- the 130,934 square-foot Manchester Plaza in Manchester, M.O.;
- the 102,725 square-foot Millburn Getaway Center in Millburn, N.J.;
- the 21,908 square-foot 21 E Broad St. / One Lincoln Plaza in Westfield, N.J.
The contributors are exchanging their property interests for approximately $127 million of UE operating partnership units valued at $27.02 per unit. UE will also assume $33 million of existing debt, issue approximately $117 million of non-recourse, secured debt and fund the remaining $48 million in cash.