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Heritage Square, pictured in this fall 2022 construction photo, is home to Ulta Beauty, HomeSense, Sierra Trading and other tenants at a site at 1640 Route 22 in Watchung. — File photo/Courtesy: Jeffery Realty
By Joshua Burd
Urban Edge Properties has acquired an 87,000-square-foot shopping center in Watchung for $34 million, completing the deal as part of a flurry of recent moves across its portfolio.
The real estate investment trust said the property, Heritage Square, is an unencumbered asset that’s anchored by Ulta and two TJX Cos. concepts, HomeSense and Sierra Trading. It also includes three outparcels with a fourth currently under construction, boasting a location on Route 22 at the corner of Terrill Road.
The seller reportedly was Seritage Growth Properties, which built the complex as part of a redevelopment of a former Sears property, with JLL’s Jose Cruz, Kevin O’Hearn and J.B. Bruno brokering transaction. Urban Edge said its purchase price equated to a capitalization rate of roughly 7.8 percent.
The company announced the Feb. 8 transaction as part of its fourth-quarter earnings report. It also said that, after Q4 ended on Dec. 31, it went under contract to sell a nearly 95,000-square-foot property in Hazlet for $8.7 million and a 127,000-square-foot building in Lodi for $29.2 million.
The Hazlet property, formerly a vacant Bradlees store, is now leased to Stop & Shop. The Lodi building at 370 Essex St. is a former retail center off Route 17 that the REIT converted to nearly 130,000 square feet of industrial space.
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