U
rban Edge Properties (NYSE: UE) has acquired Brighton Mills Shopping Center in Allston, Massachusetts for $39 million. The 91,000‑sq‑ft, grocery‑anchored mall sits less than a mile from Harvard Business School and now accounts for over 10 % of the company’s total assets, underscoring its Boston‑centric growth strategy. The deal was financed through a 1031 exchange of proceeds from recent sales, exemplifying Urban Edge’s disciplined capital recycling approach.
“Brighton Mills strengthens our Boston footprint, one of our fastest‑growing markets,” said CEO Jeff Olson. “It demonstrates how we reinvest in high‑quality assets while delivering long‑term shareholder value.”
The center lies in a dense 3‑mile radius with 449,000 residents and an average household income of $174,000. Encircled by Harvard’s expanding campus and new multifamily projects, the property is poised to benefit from ongoing neighborhood growth and robust retail demand.
In Q3 2025, Urban Edge reported strong leasing momentum and higher rental income. The company signed 31 new leases, renewals, and options covering 347,000 sq‑ft, achieving average cash spreads above 20 %. Shop‑leased occupancy rose to 92.5 % (+210 bps YoY). Same‑property NOI increased 4.1 % year‑over‑year and 4.6 % year‑to‑date.
Net income attributable to common shareholders reached $14.9 million, or $0.12 per diluted share, up from $9.1 million ($0.07) a year earlier. Funds from Operations (FFO) totaled $52 million, or $0.40 per diluted share, versus $0.34 in Q3 2024. Adjusted FFO climbed to $0.36 per share, reflecting stronger rent commencements, higher recovery revenue, and 2024 acquisitions.
Capitalizing on the robust quarter, Urban Edge lifted its full‑year 2025 Adjusted FFO guidance to $1.43 per share (from $1.42), projecting 6 % annual growth over 2024.
The company also secured a $123.6 million, four‑year non‑recourse mortgage for its Shoppers World property at a fixed 5.12 % rate, using the proceeds to retire existing debt and fund growth initiatives. With $913 million in liquidity and limited debt maturities through 2026, Urban Edge maintains a solid balance sheet for redevelopment and acquisition opportunities.
Olson added, “Our Q3 results reflect the strength of our portfolio, tenant quality, and the success of our growth strategy. We remain focused on executing our redevelopment pipeline and pursuing strategic acquisitions like Brighton Mills that enhance long‑term value for investors.”
