MORRIS PLAINS — The Briarcliff Commons outdoor shopping center is selling for $60.5 million to an undisclosed buyer, according to Urban Edge Properties, which owns the strip mall and other shopping centers around New Jersey.
Briarcliff Commons is situated on Route 10 in Morris Plains and features an Uncle Giuseppe’s Italian grocer, a Chick-Fil-A, Kohl’s, Crumbl Cookies, Home Towne Pet Shoppe and Chipotle.
Executives at Urban Edge Properties did not disclose the buyer. The deed transfer is not yet available among the Morris County public records, which would identify the buyer.
Urban Edge Chief Executive Officer Jeffrey Olson said earlier in August that the deal was expected to close by the end of the month.
Olson said the sale is part of the mall owner’s capital recycling strategy, meaning properties that generate lower returns are sold off to acquire properties with higher return potential.
Urban Edge Properties recently purchased a mall in Virginia for $40 million, Olson said.
