Urban Edge Properties [NYSE: UE] reported that the company has purchased Sunrise mall from Unibail. The mall is located in Massapequa, New York. The company purchased the Sunrise Mall for $29.7 M and additional $6M conditional consideration. Moreover, The mall comprises 1.2 Million sqft of trade space which is located on 77 acres in Massapequa.
The sunrise mall provides enormous chances and redevelopment prospects. Additionally, Its unique scale delivers for industrial and other uses. Furthermore, The location of the mall takes benefits from its access to major roadways. The roadways connect the mall to New York City and the whole of the long island.
Jeff Olson CEO Urban Edge said“ The mall is a distinctive advantage for the company with an ideal location, with attractive areas along the shore of the Island. The transaction provides a wonderful opportunity for the company to control its renovation capabilities in repurposing underutilized land and creating significance.”