Urban Edge Properties Signs Philly-Area Tenant
The REIT acquired the asset in 2017 for more than $51 million.
Savers has signed a lease at Urban Edge Properties’ Plaza at Cherry Hill, a nearly 422,000-square-foot retail center in Cherry Hill, N.J. The company committed to more than 25,000 square feet for its third store in Greater Philadelphia.
The deal brought the shopping center to 82 percent occupancy. Metro Commercial Real Estate‘s Rob Cooper and Shane Hart, together with Spence Mehl of RCS Real Estate Advisors, represented Urban Edge; Stephen Carrozza of Metro Commercial Real Estate worked on behalf of the tenant.
Urban Edge acquired Plaza at Cherry Hill in 2017 for $51.2 million, according to CommercialEdge data. The 1968-built shopping center is set to undergo renovations that will include upgrades to the façade, landscape and parking lot.
Total Wine & More, Aldi, LA Fitness and Raymour & Flanigan anchor the property; the former recently leased more than 43,000 square feet at the location. The super-regional Cherry Hill Mall serves as shadow-anchor.
Situated on more than 42 acres at 2100 Route 38, the shopping center is 9 miles east of downtown Philadelphia. There are roughly 43,800 households within a 3-mile radius, earning on average more than $77,000.
Urban Edge currently owns 76 retail real estate properties totaling 17.2 million square feet. Earlier this year, the REIT obtained $290 million for the refinancing of a 1 million-square-foot mall in Paramus, N.J.