Saxum Real Estate Investment and Development Company and Morgan Stanley Real Estate Fund, Inc. acquired East Hanover Warehouse portfolio from Urban Edge Properties (NYSE:UE) for approximately $220 million.
October 30, 2023
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Saxum Real Estate Investment and Development Company and Morgan Stanley Real Estate Fund, Inc. acquired East Hanover Warehouse portfolio from Urban Edge Properties (NYSE:UE) for approximately $220 million on October 20, 2023. The proceeds from the sale were used to pay off the $40 million balance of the loan secured by the property. Jose Cruz, Marc Duval, Jordan Avanzato, Nick Stefans, Jason Lundy and Austin Pierce of JLL represented Urban Edge Properties (NYSE: UE), and procured the Saxum Real Estate Investment and Development Company and Morgan Stanley Real Estate Fund, Inc.
Saxum Real Estate Investment and Development Company and Morgan Stanley Real Estate Fund, Inc. completed the acquisition of East Hanover Warehouse portfolio from Urban Edge Properties (NYSE:UE) on October 20, 2023.
Urban Edge Properties is a real estate investment trust, which is focused on managing, developing, redeveloping and acquiring retail real estate in urban communities, in the Washington, District of Columbia to Boston corridor. Urban Edge Properties LP (UELP or the Operating Partnership) serves as its partnership subsidiary and owns, through affiliates, all of its real estate properties and other assets. Its portfolio consists of approximately 69 shopping centers, five malls and two industrial parks totaling approximately 17.1 million square feet. Its shopping centers and malls are located in California, Connecticut, New Hampshire, New Jersey, New York, Pennsylvania, South Carolina, Virginia and Maryland, Massachusetts Puerto Rico. Its shopping centers and malls include Walnut Creek, Newington, Baltimore, Glen Burnie, Rockville, Wheaton, Cambridge, Springfield, Salem, Bergen Town Center, Carlstadt, Cherry Hill, Eatontown, Hazlet, Lawnside, Kearny, Montclair, Totowa and Watchung.
Saxum Real Estate Investment and Development Company and Morgan Stanley Real Estate Fund, Inc. acquired East Hanover Warehouse portfolio from Urban Edge Properties (NYSE: UE) for approximately $220 million.