The property involved in the transaction is Ledgewood Commons, a 448,000-square-foot retail asset located at 461 State Route 10 in Ledgewood, North Jersey. The sale price for this property was $83,000,000, equating to a price per square foot of $185. The shopping center is anchored by major retailers including Walmart Supercenter, Marshalls, and Burlington Stores. Ledgewood Commons has recently undergone significant redevelopment to transform into an open-air shopping destination with potential for future revenue growth.

Summary of transaction details:

• Property Type: Retail
• Transaction Amount: $83,000,000
• Buyer: Jeff Olson - Urban Edge Properties
• Seller: Andrew Schlossberg - Invesco Limited; Peter J. Cocoziello - Advance Realty Investors
• Market: Ledgewood

Jeff Olson of Urban Edge Properties purchased Ledgewood Commons, indicating the company's strategic investment in the shopping-center sector. The CEO of Urban Edge Properties expressed confidence in the newly acquired property and the overall portfolio of the company, spanning across the East Coast from Washington, D.C., to Boston. The acquisition of Ledgewood Commons presents opportunities for revenue growth through undeveloped parcels and small-shop leasing, highlighting Urban Edge Properties' commitment to expanding and optimizing its retail portfolio.