Sunrise Mall Holdings LLC, a joint venture led by Manhattan real estate investment trust Urban Edge Properties, paid $29.7 million to purchase the Massapequa mall from Westfield, the company announced this week.
The 1.2 million-square-foot mall previously sold for more than $140 million in 2005. The new deal also calls for upwards of $6 million in contingency consideration funds.
Key tenants at the mall include Macy’s Sears, and Dicks Sporting Goods, though nearly 35 percent of the mall is currently unoccupied. The mall’s largest vacant space, which formerly was home to a JC Penney location, has been empty since it closed in 2017.
“Sunrise Mall is a unique asset with a prime location in a dense, attractive region along the southern shore of Long Island,” Jeff Olson, CEO of Urban Edge, said in a statement. “This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value.”
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