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Urstadt Biddle Invests in Two Retail Centers

GREENWICH, CT-The company is taking two-thirds equity interest in Putnam Plaza Shopping Center and 100% in Village Commons in lower NY.

By Ryan Clark | Updated on April 26, 2010

GREENWICH, CT-The locally based Urstadt Biddle Properties Inc. is purchasing two retail hubs in New York. The trust will take a 66.67% equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot grocery-anchored shopping center in Carmel, NY. Taking 100% interest, Urstadt Biddle is also scooping up Village Commons, three contiguous mixed-use properties with retail and office components totaling 32,000 square feet in Katonah, NY.

The Putnam Plaza has an estimated value of $28.6 million, harboring a 62,000-square-foot Hannaford Brothers Supermarket, along with Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Currently there are two units vacant, totaling 7,000 square feet at a cost of $22 per square foot NNN.

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