Morris Plains Shopping Center Under Contract For $60.5M Sale

MORRIS PLAINS, NJ — One of Morris Plains' major shopping centers is under contract to be sold for $60.5 million, according to its current owner.

Urban Edge Properties announced in its second-quarter earnings report that it has agreed to sell Briarcliff Commons, the nearly 180,000-square-foot shopping center at 1711 Route 10 East in Morris Plains.

The shopping center sits on 27.3 acres and is anchored by Kohl's and the 42,000-square-foot Uncle Giuseppe's Marketplace. Other businesses at the center include Chick-fil-A, Chipotle, Chopt, Skechers, Crumbl Cookies and First Watch.

Urban Edge did not identify the prospective buyer in its Aug. 6 announcement. The company said at the time that the $60.5 million transaction was expected to close later in August.

The sale comes as Urban Edge continues what company executives described as a "capital recycling" strategy involving the purchase and sale of shopping centers across its portfolio.

"Capital recycling remains a top priority," Urban Edge Chairman and CEO Jeff Olson said in announcing the company's quarterly results. Olson pointed to the planned Morris Plains sale alongside two recent acquisitions totaling $51.1 million.

Urban Edge purchased The Shops at West Falls Church, an 85,000-square-foot Virginia shopping center, for $40.4 million in July. The company also paid $10.7 million to acquire a ground lease interest at Shoppers World in Massachusetts.

Briarcliff Commons is a significant retail property along the busy Route 10 corridor. Urban Edge lists the center at 179,539 square feet with 994 parking spaces.

The property has also undergone notable changes in recent years, including the arrival of Uncle Giuseppe's Marketplace and several restaurant and retail tenants.

The company did not clarify in its earnings release whether the proposed sale would result in any immediate changes for Briarcliff Commons' existing tenants.