Urban Edge buys The Village at Bridgewater Commons for $54M

The basics:

• Urban Edge Properties acquires The Village at Bridgewater Commons for $54.3M
• 92,461-square-foot retail center 98% leased with 7.4-year WALT
• Summit Health anchor, dining tenants drive 14% annual visit growth
• Sale allows Pacific Retail Capital Partners to reduce debt, prep for refinancing

The Village at Bridgewater Commons now has separate ownership from its namesake sister site following Urban Edge Properties‘ $54.3 million acquisition of the premier shopping center.

JLL Capital Markets announced the sale of the more than 92,461-square-foot open-air retail property in Bridgewater April 29. The firm represented the seller, Pacific Retail Capital Partners.

Located at 600 Commons Way, The Village at Bridgewater Commons offers a strategic location close to major roadways. It also sits directly adjacent to the 1.2 million-square-foot Bridgewater Commons shopping mall, which Pacific Retail still owns.

In January, Bridgewater Township approved a resolution authorizing a new redeveloper agreement with Urban Edge Properties for The Village at Bridgewater Commons, advancing the sale.

PRCP is selling the property to pay down loan principal and meet service ration requirements, according to TapInto the Breeze. The company will use the proceeds to reduce debt owed on the mall and better position itself to refinance the property in 2027, the outlet reported.

Southern California-based Pacific Retail Capital Partners’ 2023 acquisition of The Commons sites marked its entrance to the New Jersey market. While the buyer did not disclose the purchase price of the properties at that time, it did confirm assuming an existing loan along with an extension.

Since adding the Somerset County staple to its portfolio, PRCP has invested in its lineup, experiential offerings and aesthetics.

Built in 2006, the now-Summit Health anchored Village property sits on 12.5 acres. The medical facility redevelopment, opened in 2024,  transformed a former Crate & Barrel, helping to diversify the tenant mix. Other occupants include Pure Green, Shake Shack, Shaq’s Big Chicken, Dig, Starbucks and others.

An ‘ideal acquisition’

A JLL Investment and Sale Advisory team led by Senior Managing Director Kevin O’Hearn and Senior Director JB Bruno represented PRCP.

O’Hearn said the deal shows “strong investor appetite for well-positioned retail assets in high-barrier-to-entry locations with exceptional demographics.”

“The property’s dominant tenant mix, particularly its concentration of best-in-class food and beverage concepts, combined with the stability of the Summit Health medical anchor, make it an ideal acquisition for Urban Edge Properties,” added Bruno.

JLL said the center is 98% occupied with a weighted lease term of 7.4 years. Over the past 12 months, that firm said annual visits are up 14% driven by The Village’s success as a fast-casual dining destination. Beyond the convenience of the mall, a Marriott hotel sits directly across the street from the site, along with office properties, including the home of Brother. A signalized crosswalk facilitates pedestrian traffic. JLL described Bridgewater as the regional commercial hub for Somerset County, one of the state – and country’s – wealthiest.

The Village at Bridgewater Commons serves an an affluent trade area. The population tops 130,000 in a 5-mile radius with an average household income of $182,841.

The property sits at the nexus of Routes 22, 28, 202/206, and Interstate 287. Highlighting the acquisition on its website, New York-based Urban Edge Properties described The Village at Bridgewater Commons as “a rare and highly desirable retail asset.”