In a move designed to ensure the future role of the Sunrise Mall property as a positive economic force in the community, Urban Edge Properties, owners of the shopping center, today announced that lease agreements with existing tenants will not be renewed, setting the stage for the company to evaluate options for its redevelopment.
Urban Edge Properties’ Vice President, Marketing, Coleen R. Conklin stated, “Sunrise Mall is clearly in transition, a reflection of the challenges facing a generation of shopping malls acrossLong Island and the nation. To ensure it remains a positive and contributing economic anchor for the surrounding communities, the Town of Oyster Bay, and Nassau County we need to createan orderly roadmap for that transition.”
Conklin said the company is not considering any proposal that would seek to redevelop the site as a residential community.
In addition, Conklin stressed, “While the mall prepares for its next chapter, Urban Edge will continue to maintain, secure, and safeguard the property, its tenants, and its guests.”
In their message to current tenants, Urban Edge Properties reminded retailers that the company welcomes the opportunity to assist them as their leases expire. “We are prepared to work closely with our tenants to ensure a smooth transition that, in turn, enables them to plan accordingly. This will allow them to make deliberate decisions that protect the needs of their customers and employees,” stated Conklin.
Opened in 1972, the property is currently a 1.2 million square foot, two-story, regional mall on 77 acres along Sunrise Highway in East Massapequa.
“Like many malls, Sunrise Mall has been buffeted by the changing marketplace, consumer trends, and the ongoing COVID-19 pandemic. However, no matter what redevelopment plans are ultimately proposed and approved, Urban Edge recognizes its responsibility to seek the input of our neighbors, community leaders, and elected officials to ensure that the property continues to be a significant and positive asset to the surrounding communities,” concluded Conklin.
Urban Edge has put a hotline in place to provide area residents and consumers with a place to submit inquiries regarding the project. The hotline number, (551) 321-1081, will be available 7 days a week between 8:00 am and 11:00 pm ET. Urban Edge Properties acquired Sunrise Mall in 2021 from Unibail-Rodamco-Westifeld in partnership with Sagamore Hill Partners, an owner-operator affiliate of RIPCO Real Estate, and JG Petrucci, an established developer of industrial assets. Urban Edge is a NYSE listed real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate in communities, primarily in the New York metropolitan region, and serves as the managing member of the partnership with an 82.5% interest. The company currently owns 75 properties totaling 17.0 million square feet of gross leasable area.
Media Contact: Gary Lewi Rubenstein 646-745-7958 glewi@rubenstein.com