Urban Edge Properties to pay $20M to terminate Sears/Kmart leases at 3 malls, regain control

Urban Edge Properties

Agreement with Transform HoldCo to terminate leases at Bruckner Commons, Sunrise Mall, and Outlets of Montehiedra, effective Oct 15, 2021.
Company will pay $20 million to recapture control of these anchor spaces.
Terminated leases contributed $6.6M annual NOI and $3.3M annual non-cash earnings from below-market lease amortization.
Repositioning these anchor spaces is part of value creation plan; company says controlling them is critical.

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