Urban Edge Properties has purchased a seven-property retail portfolio primarily within the New York City metro area and Missouri for $325 million.
New Jersey–based Acklinis Realty Holding LLC owned the portfolio for more than 30 years.
The portfolio contains a total of 1.5 million square feet.
The acquisition includes Yonkers Gateway Center in Yonkers, N.Y.; Manchester Plaza in Manchester, Mo.; and The Plaza at Woodbridge in Woodbridge, The Plaza at Cherry Hill in Cherry Hill and 21 E. Broad Street/One Lincoln Plaza in Westfield, all in New Jersey.
The portfolio is currently 83 percent leased.
Urban Edge Properties is a REIT focused on managing, developing, redeveloping and acquiring retail real estate in urban communities primarily within the New York metropolitan region. Urban Edge owns 92 properties totaling 16.7 million square feet.