Urban Edge Properties announced yesterday that it has entered into a $43.7 million contract to purchase Hudson Mall in Jersey City. The property, located on Route 440, spans 383,000 square feet and contains anchor tenants Marshalls, Toys “R” Us, Staples, Old Navy, along with many smaller retailers.
Urban Edge Properties owns the adjacent Hudson Commons property. Once combined, the company will own more than 49 acres and 1,800 linear feet of frontage on Route 440.
According to the press release, Hudson Mall currently contains multiple below market leases and “has expansion and densification potential”. The deal is expected to close in the first quarter of 2017.
Just north of the proposed Bayfront mega-development, the properties offer significant upside once that project begins to take shape.
[gmap height=”250px”]701 NJ-440, Jersey City, NJ 07304[/gmap]
701 NJ-440, Jersey City, NJ 07304