Kingswood Crossing. Courtesy ofUrban Edge.
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.
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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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.
