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Urban Edge Properties Executes Lease with Leading Retailer at Bruckner Commons
Rhea-AI Impact
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Rhea-AI Sentiment
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Rhea-AI Summary
Urban Edge Properties (NYSE: UE) has secured a 139,000 square foot lease with Target for a new general merchandise store at Bruckner Commons in The Bronx, New York. This development is part of the transformation of the center into a 510,000 square foot retail hub that will include major retailers like ShopRite and Burlington. Bruckner Commons is strategically located at a high-traffic intersection, serving over 700,000 residents within three miles and 80,000 vehicles daily. This addition emphasizes Urban Edge's commitment to revitalizing underserved urban markets.
Positive
Secured a significant 139,000 square foot lease with Target, enhancing retail portfolio.
Transformation of Bruckner Commons into a premier retail destination with best-in-class retailers.
High traffic location, serving over 700,000 people within three miles and 80,000 vehicles daily.
Negative
None.
NEW YORK--(BUSINESS WIRE)--
Urban Edge Properties (NYSE: UE) announced today that it has signed a 139,000 square foot lease with Target for a general merchandise store at Bruckner Commons in The Bronx, New York. Located at the intersection of the Bruckner Expressway (I-287) and White Plains Road, Bruckner Commons serves over 700,000 people living within three miles of the property and is easily accessible to the 80,000 vehicles that pass the property each day.
The Target lease furthers the overall transformation of Bruckner Commons from a 1970’s era shopping center to a marquee 510,000 square foot center of commerce merchandised with best-in-class retailers including ShopRite, Marshalls, Burlington, and Five Below.
“Bruckner Commons is a great example of how we improve communities by transforming retail properties in densely populated, underserved markets such as The Bronx. Adding Target to this highly trafficked property secures its position as one of the top retail destinations in the New York Metropolitan area,” said Scott Auster, Senior Vice President and Head of Leasing at Urban Edge.
ABOUT URBAN EDGE PROPERTIES
Urban Edge Properties is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in urban communities, primarily in the Washington, D.C. to Boston corridor. Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.
Mark Langer, EVP and
Chief Financial Officer
212-956-2556
Source: Urban Edge Properties
FAQ
What is the significance of Urban Edge closing the Target lease deal on October 26, 2022?
The lease deal with Target enhances Urban Edge's presence in The Bronx, transforming Bruckner Commons into a key retail destination, thus potentially increasing foot traffic and revenue.
How does the new Target store affect the Bruckner Commons area?
The new Target store is expected to attract more visitors and improve the area’s retail offerings, benefiting the local community.
What is the retail space of Bruckner Commons after the Target lease?
After the Target lease, Bruckner Commons will consist of 510,000 square feet of retail space.
How many properties does Urban Edge own?
Urban Edge owns 76 properties totaling 17.2 million square feet of gross leasable area.
