Newmark Grubb Knight Frank represented the contributors in the transaction. Goodwin Procter LLP served as legal advisor to UE, while Ira Meislik of Meislik & Meislik coordinated the legal team advising the contributors.

NEW YORK CITY—Urban Edge Properties said Thursday it had closed on the acquisition of seven retail assets, mainly in the suburbs of New York City, for $325 million. The sellers were not disclosed; Real Capital Analytics data indicate that the properties were contained in the Ackerman Suburban Portfolio Offering, which also includes office assets not acquired by UE.

Together, the retail properties comprise 1.5 million square feet of gross leasable area and are 83% leased. The contributors exchanged their property interests for approximately $122 million of UE operating partnership units valued at $27.02 per unit. UE assumed approximately $33 million of existing mortgage debt, issued approximately $126 million of new non-recourse, secured mortgage debt and funded the remaining $44 million in cash.

Largest of the properties is the 436,770-square-foot Yonkers Gateway Center in Yonkers, NY, north of New York City. Tenants include Best Buy, Burlington Coat Factory and the metro area's first Alamo Drafthouse Cinema.

Also in the tri-state region are the Plaza at Woodbridge in Woodbridge, NJ; the retail component of Millburn Gateway Center in Millburn, NJ; and 21 E. Broad St. and One Lincoln Plaza in Westfield, NJ. In the Philadelphia suburb of Cherry Hill, NJ is the 413,000-square-foot Plaza at Cherry Hill. The seventh property acquired by UE is Manchester Plaza in the St. Louis suburb of Manchester, MO.

Newmark Grubb Knight Frank represented the contributors in the transaction. Goodwin Procter LLP served as legal advisor to UE, while Ira Meislik of Meislik & Meislik coordinated the legal team advising the contributors.