The transaction was funded with the net proceeds of the company's recent sale of the Southern Plaza in Tempe, AZ, a 126,000-sf shopping center that traded for $13.2 million with an estimated gain of $11 million in a tax-deferred exchange transaction, plus available cash. "That sale continued our stated objective of selling non-core properties and recycling the proceeds into properties with long-term growth potential in our targeted market of the New York metro area," says Willing Biddle, the REIT's president and COO.

Built in the 1980s and renovated in 2005, Emerson Shopping Plaza is anchored by a 50,150-sf ShopRite supermarket. Other tenants at the property currently include Dunkin' Donuts, Hallmark Cards, Bank of America and H&R Block.

"The property is well-located in an affluent bedroom community, has a strong tenant roster and stable cash flow," Biddle says. "This acquisition continues our expansion into Northern New Jersey. We're actively seeking additional investment opportunities in the suburban communities of New Jersey surrounding New York City, in addition to our core market of Westchester, Fairfield and Putnam counties."