Urban Edge Acquires Retail Portfolio for $325M

Urban Edge Properties acquired a seven-property retail portfolio totaling 1.5 million square feet in the New York City metropolitan area and Missouri for $325 million. New Jersey-based Acklinis Realty Holding LLC held the assets for more than three decades.

The 83%-leased portfolio included:

Yonkers Gateway Center, 436,770 square feet, Yonkers, NY
The Plaza at Woodbridge, 413,013 square feet, Woodbridge, NJ
The Plaza at Cherry Hill, 412,969 square feet, Cherry Hill, NJ
Manchester Plaza, 130,934 square feet, Manchester, MO,
Millburn Gateway Center, 102,725 square feet, Millburn, NJ
21 E Broad St / One Lincoln Plaza, 21,908 square feet, Westfield, NJ

Property interests were exchanged for roughly $122 million of Urban Edge operating partnership units valued at $27.02 per unit. Urban Edge assumed roughly $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.

NGKF handled the transaction.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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Urban Edge Acquires Retail Portfolio for $325M

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Urban Edge Acquires Retail Portfolio for $325M

Inside The Story

About Dennis Kaiser