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Urban Edge Properties acquires Pan Bay Center in New York

Published 06 January 2016

Urban Edge Properties has acquired Pan Bay Center, located in the Howard Beach neighborhood of Queens, New York City, for $27 million.

The property includes almost the entire block on the west side of Cross Bay Boulevard between 156th Avenue and 157th Avenue. Consisting of approximately 50,000 square feet, the property is currently 85% leased with local retail tenants on the ground floor and medical office tenants on the second floor. The property also includes 97 parking spaces.

"This acquisition demonstrates our ability to identify and to acquire off-market assets in established, urban areas where we can add value by improving the physical offering and merchandising, by filling vacancy and by bringing rents to market." said Jeff Olson, Chairman and CEO of Urban Edge.

Source: Company Press Release