Kingswood Crossing. Courtesy ofUrban Edge.

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NEW YORK CITY- Urban EdgeProperties, a real estate investment trust focused on urban retailreal estate, has acquired two mixed-use buildings in the Midwoodsubmarket of Brooklyn for $165 million.

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Urban Edge scooped the propertiesas a part of their strategy of acquiring well-located, infill,transit-oriented assets with redevelopment potential and high foottraffic. The Company will increase the value of the assets througha lease-up to fill vacancies, remerchandising where appropriate andmaximizing the value of unused development rights. The acquisitionsserve as 1031 exchanges for the firm's recent disposition ofnon-core assets and allow for the deferral of capital gains fromthose sales. 

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The off-market transaction forthe Kingswood buildings comprises more than 335,000 square feet,including 106,000 square feet of retail space. Anchors include TJMaxx, Target, Marshalls and NY Sports Clubs. In addition, Visiting Nurse Services and other medical tenants occupy 134,000square feet of Class A office space. 

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"We are excited about theacquisition of these high-quality, mixed-use assets in a primeBrooklyn location," said Herb Eilberg, chief investment officer forUrban Edge. "This transaction highlights our desire to grow inestablished submarkets with attractive demographics, and we lookforward to pursuing similar opportunities as we continue totransform our portfolio."

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The properties have an estimated250 parking spaces, across 98,000 square feet, and the potential toadd up to 60,000 square feet of office or residentialdevelopment.

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Mariah Brown

Mariah Brown is the New York Bureau Chief and Real Estate Reporter for GlobeSt.com, covering the New York Metro area, Northeast region and national real estate trends. She is responsible for producing multi-media content, including articles, podcasts and video. Before joining the GlobeSt team, she served as a New York Times fellow, reported for the Associated Press in New York and Philadelphia and several other New York City-based outlets.