Sunrise Mall Sold For Nearly $30 Million

Massapequa NY

04 January, 2021

12:14 PM

Description

MASSAPEQUA, NY — The Sunrise Mall has been sold for nearly $30 million, according to an announcement Monday. Urban Edge Properties said it purchased the shopping center in Massapequa from Unibail-Rodamco-Westfield for $29.7 million, plus up to an additional $6 million. The mall has 1.2 million square-feet of retail space with anchor tenants that include Macy's, Sears and Dick's Sporting Goods. "Sunrise Mall is a unique asset with a prime location in a dense, attractive region along the southern shore of Long Island," said Jeff Olson, CEO of Urban Edge, in a statement. "This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value." Urban Edge said it sees a lot of potential in the mall, which is located right on Sunrise Highway in Nassau County. The mall is currently 65 percent occupied. New Jersey-based Urban Edge manages, develops and redevelops retail spaces. The seller, Westfield, purchased the mall for $143 million in 2005, according to Newsday. The American shopping mall saw its Golden Age from 1956 to 2005, when 1,500 malls were built across the country. But no new enclosed mega-mall has been built since 2006.