Urban Edge Properties Snags Jersey City Retail For $44M
Urban Edge Properties this week announced it has entered into a $43.7M contract to acquire the 383k SF Hudson Mall, a retail center in Jersey City adjacent to its existing Hudson Commons shopping center.
Hudson Mall had been privately owned since its original development in 1966 and is home to Marshalls, Toys "R" Us, Staples, Old Navy and other value- and necessity-based retailers. There are several below-market leases at the property, and the company says there is densification and expansion potential.
Together with Hudson Commons, Urban Edge Properties will own more than 49 acres and 1,800 feet of frontage along NJ Route 440, which the company says carries 57,000 vehicles per day. The deal's expected to close in Q1 and includes the assumption of a $23.8M mortgage.
