EX-99.1
2
exhibit991pressrelease-ack.htm
EXHIBIT 99.1
Exhibit
Exhibit 99.1
Urban Edge Properties
For Additional Information:
888 Seventh Avenue
Mark Langer, EVP and
6th Floor
Chief Financial Officer
New York, NY 10019
(212) 956-0082
FOR IMMEDIATE RELEASE:
Urban Edge Properties Closes Acquisition of $325 Million, Seven Asset Portfolio
New York, NY, May 25, 2017 - Urban Edge Properties (NYSE: UE) today announced that it has closed on the acquisition of seven retail assets comprising 1.5 million square feet of gross leasable area, predominately in the New York City metropolitan area, for $325 million. The portfolio was privately owned for more than three decades and is currently 83% leased.
The contributors exchanged their property interests for approximately $122 million of UE operating partnership units valued at $27.02 per unit. UE assumed approximately $33 million of existing mortgage debt, issued approximately $126 million of new non-recourse, secured mortgage debt and funded the remaining $44 million in cash.
The acquired portfolio includes:
Property
Location
GLA SF
Occupancy
Key Tenants
Yonkers Gateway Center
Yonkers, NY
436,770
88%
Burlington, Best Buy, DSW, PetSmart, Alamo Drafthouse Cinema
The Plaza at Woodbridge
Woodbridge, NJ
413,013
81%
Raymour & Flanigan, Toys "R" Us, Best Buy
The Plaza at Cherry Hill
Cherry Hill, NJ
412,969
74%
Raymour & Flanigan, Aldi, LA Fitness
Manchester Plaza
Manchester, MO
130,934
89%
Academy Sports, Bob's Furniture
Millburn Gateway Center
Millburn, NJ
102,725
97%
Trader Joe's, CVS, PetSmart
21 E Broad St/One Lincoln Plaza
Westfield, NJ
21,908
100%
PNC Bank, Five Guys, Cake Boss
Total
1,518,319
83%
Newmark Grubb Knight Frank represented the contributors in the transaction. Goodwin Procter LLP served as legal advisor to UE and Ira Meislik of Meislik & Meislik coordinated the legal team advising the contributors.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE-listed real estate investment trust focused on managing, developing, redeveloping and acquiring retail real estate in urban communities, primarily in the New York metropolitan region. Urban Edge owns 92 properties totaling 16.7 million square feet of gross leasable area.

EX - 99 . 1 2 exhibit991pressrelease - ack . htm EXHIBIT 99 . 1 Exhibit Exhibit 99 . 1 Urban Edge Properties For Additional Information : 888 Seventh Avenue Mark Langer , EVP and 6th Floor Chief Financial Officer New York , NY 10019 ( 212 ) 956 - 0082 FOR IMMEDIATE RELEASE : Urban Edge Properties Closes Acquisition of $ 325 Million , Seven Asset Portfolio New York , NY , May 25 , 2017 - Urban Edge Properties ( NYSE : UE ) today announced that it has closed on the acquisition of seven retail assets comprising 1.5 million square feet of gross leasable area , predominately in the New York City metropolitan area , for $ 325 million . The portfolio was privately owned for more than three decades and is currently 83 % leased . The contributors exchanged their property interests for approximately $ 122 million of UE operating partnership units valued at $ 27.02 per unit . UE assumed approximately $ 33 million of existing mortgage debt , issued approximately $ 126 million of new non - recourse , secured mortgage debt and funded the remaining $ 44 million in cash . The acquired portfolio includes : Property Location GLA SF Occupancy Key Tenants Yonkers Gateway Center Yonkers , NY 436,770 88 % Burlington , Best Buy , DSW , PetSmart , Alamo Drafthouse Cinema The Plaza at Woodbridge Woodbridge , NJ 413,013 81 % Raymour & Flanigan , Toys " R " Us , Best Buy The Plaza at Cherry Hill Cherry Hill , NJ 412,969 74 % Raymour & Flanigan , Aldi , LA Fitness Manchester Plaza Manchester , MO 130,934 89 % Academy Sports , Bob 's Furniture Millburn Gateway Center Millburn , NJ 102,725 97 % Trader Joe 's , CVS , PetSmart 21 E Broad St / One Lincoln Plaza Westfield , NJ 21,908 100 % PNC Bank , Five Guys , Cake Boss Total 1,518,319 83 % Newmark Grubb Knight Frank represented the contributors in the transaction . Goodwin Procter LLP served as legal advisor to UE and Ira Meislik of Meislik & Meislik coordinated the legal team advising the contributors . ABOUT URBAN EDGE PROPERTIES Urban Edge Properties is a NYSE - listed real estate investment trust focused on managing , developing , redeveloping and acquiring retail real estate in urban communities , primarily in the New York metropolitan region . Urban Edge owns 92 properties totaling 16.7 million square feet of gross leasable area .
O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY I-Parties.BUYING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O B-Advisors.GENERIC_CONSULTING_COMPANY I-Advisors.GENERIC_CONSULTING_COMPANY I-Advisors.GENERIC_CONSULTING_COMPANY I-Advisors.GENERIC_CONSULTING_COMPANY O O O O O O O B-Advisors.LEGAL_CONSULTING_COMPANY I-Advisors.LEGAL_CONSULTING_COMPANY I-Advisors.LEGAL_CONSULTING_COMPANY O O O O O O O B-Advisors.CONSULTANT I-Advisors.CONSULTANT O B-Advisors.LEGAL_CONSULTING_COMPANY I-Advisors.LEGAL_CONSULTING_COMPANY I-Advisors.LEGAL_CONSULTING_COMPANY O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O