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Urstadt Biddle Properties Closes in on $43.25M in Acquisitions

GREENWICH, CT-Retail REIT Urstadt Biddle Properties Inc. reports it has signed contracts to acquire three shopping centers in the northern suburbs of New York City. The deals will add 260,000 sf of retail space to the firm's suburban portfolio.

By John Jordan | Updated on October 21, 2002

GREENWICH, CT-While the firm refused to disclose the properties it plans to acquire, Urstadt Biddle Properties Inc. reports it has signed contracts with two unrelated owners to acquire two shopping centers in the northern New York suburbs for $33 million. The two transactions involve a total of 220,000 sf of retail space. Company officials confirmed that the two shopping centers are located in the company’s core market area of Westchester and Putnam counties in New York and Fairfield County, CT.

Those transactions are in addition to a previously disclosed deal involving a 40,000-sf shopping center in Fairfield, CT., worth $10.25 million. The firm has signed a contract to acquire the property, but has not closed on the transaction as yet.

All three transactions are expected to close during the next several months. Urstadt Biddle Properties plans to finance the shopping center acquisitions with the proceeds from a recent sale of eight million shares of Class A Common stock.

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