Westfield Group has sold the Sunrise Mall, on Sunrise Highway in East Massapequa, to Urban Edge Properties for $29.7 million.
Urban Edge announced its acquisition of the 1.2 million-square-foot retail space, saying it has “tremendous redevelopment opportunities,” in a press release on Monday.
“Sunrise Mall is a unique asset with a prime location in a dense, attractive region along the southern shore of Long Island,” Jeff Olson, CEO of Urban Edge said in a statement. “This acquisition provides a terrific opportunity for Urban Edge to leverage our redevelopment expertise in repurposing underutilized land and creating value.”
Town of Oyster Bay Supervisor Joseph Saladino said he has spoken with Urban Edge and made clear that, with any changes made with the mall, “it’s very important to build economics and bring in jobs” in the area.
Saladino also noted that the site is zoned for retail and commercial only and sought to reassure residents that redevelopment proposals would not be approved without their input.
“None of it would be done without hearings,” he told the Press. “We will listen to the school districts, the community, and stakeholders. Whatever comes there, it will happen with their input.”
Sunrise Mall currently has 65 percent occupancy and seen a domino effect of store and food court vendor closures over the years. Its anchor retailers include Macy’s, Dick’s Sporting Goods, Sears, and Dave & Buster’s. With 35 percent vacancy, the mall’s largest vacant space formerly housed a JC Penney and has been empty since it closed in 2017.
Urban Edge bought the mall in partnership with two other companies, RIPCO Real Estate, and JG Petrucci, and will collaborate on redeveloping the property, which sits on 77 acres. Details of the redevelopment have not yet been disclosed.
Urban Edge owns 79 properties, including several shopping centers on Long Island such as the Freeport and Meadowbrook Commons in Freeport, Burnside Commons in Inwood, Huntington Commons, and two others in New Hyde Park and Commack.
The company calls itself a “real estate investment trust focused on managing, acquiring, developing, and redeveloping retail real estate.”
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