Officials with the Greenwich, CT.-based REIT, would not divulge the identity or location of the property it intends to purchase. James R. Moore, chief financial officer of the firm, says that the property is located in the company's "target acquisition market" which entails the Westchester County area in New York and the Fairfield County region in Connecticut. Moore adds that the company is in due diligence on the acquisition at the moment and plans to make a further announcement when the deal closes.

Recently, the company reported it had entered into contracts to acquire three other retail properties totaling $43 million. Those deals have not yet closed, company officials say. The company previously stated that it has a contract with the owner of two New York suburban retail shopping centers totaling 220,000 sf for $33 million. In addition, the firm has a contract to acquire a 40,000-sf shopping center in Fairfield, CT. for $10.25 million.

Urstadt Biddle Properties officials say that they anticipate the transactions will close in the next several months. All of the deals will be financed in part from the proceeds of the sale of eight million shares of Class A common stock that was held in August of this year. The stock sale netted approximately $80 million. The company also plans to utilize borrowings on its existing bank credit lines in financing the deals.