Search
 

Urstadt Biddle Reels In Veteran's Plaza

NEW MILFORD, CT-The real estate investment trust is purchasing the fully-leased shopping center for $10.3 million in cash, assuming the left-over $3.6 million mortgage.

By Ryan Clark | Updated on August 29, 2008

NEW MILFORD, CT-Urstadt Biddle Properties Inc. is purchasing Veteran’s Plaza Shopping Center here for $10.3 million in cash. The real estate investment trust will assume the left-over $3.6-million mortgage from the seller–First Treetops–a family-owned real estate fund. UBP is represented by Jim Aries, SVP and CFO of UBP and First Treetops is repped by Steve Hoffman.

The 79,609-sf shopping center–at 1 Kent Rd.–is fully-leased with tenants Rite Aid, Blockbuster Video and Dansbury Saving Bank. The center is anchored by Big Y Supermarket commanding 50,650 sf and holding a minimum of 20 years on their lease, with further options, according to UBP. Rite Aid, however, has two years left on their lease, but is currently dark. Willing Biddle, president & CEO of UBP, tells GlobeSt.com that the REIT is leasing the space to a new tenant, but would not disclose terms of the new lease or which company would be taking the retailer’s space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.