Urban Edge set to amass 92,000 sq. ft. Bridgewater way of life heart for $54 million – Actual Property NJ

By Joshua Burd

Urban Edge Properties is on monitor to amass an upscale retail heart in Bridgewater for greater than $54 million, because it continues to reshape its in depth holdings in New Jersey.

The actual property funding belief mentioned final week that it was beneath contract to purchase the 92,000-square-foot property at 640 Commons Way, The Village at Bridgewater Commons, reportedly from Pacific Retail Capital Partners. The deal comes as a part of the vendor’s plan to pay down debt from the adjoining Bridgewater Commons, according to published reports, as PRCP revamps and renovates the mall following its acquisition of the 1.2 million-square-foot complicated in 2023.

Speaking throughout Urban Edge’s fourth-quarter earnings name, CEO Jeffrey Olson mentioned The Village at Bridgewater Commons was a gorgeous alternative in an acquisition market that “is maybe as competitive as I’ve seen it.”

“There’s been a lot of increased interest in the space from institutions,” he mentioned, in line with a transcript by The Motley Fool. “There are numerous lenders on the market — the banks, the insurance coverage corporations — which can be lending at very enticing charges. So the excellent news is that it makes our current property extra precious and can in all probability enable us to do extra capital recycling than we had initially meant, as a result of we must always have the ability to get higher cap charges on what we’re promoting.

He famous that the property has a powerful tenant combine that features Chipotle, Shake Shack and Cava, in addition to a well being and wellness part with Summit Health.

“Finding properties at attractive valuations is hard,” Olson added. “This property that we found in Bridgewater — we’re super excited about that one.”

Pacific Retail Capital Partners, meantime, is within the midst of an inside refresh of Bridgewater Commons that it expects to finish within the second quarter of this yr. That follows a collection of leases to reinforce the almost 40-year-old property’s tenant lineup, with new additions together with Alo Yoga, Fogo de Chão, Miniso and Pop Mart, amongst others.