EASTCHESTER, NY-Urstadt Biddle Properties Inc., a Greenwich, CT-based equity REIT, has acquired the 23,000-square-foot Eastchester Plaza shopping center in Westchester County from seller Willchester Holding LLC. The purchase price was undisclosed due to a confidentiality agreement between the buyer and seller.

The center, located 375 White Plains Rd., was built in 1963, renovated in 2006 and is anchored by a 13,500-square-foot CVS Pharmacy on Eastchester’s Route 22 retail corridor. In connection with the purchase, the company assumed a $4 million first mortgage, which matures in April 2012. The remaining equity needed to complete the acquisition was funded with available cash.

James Aries, Urstadt’s SVP and director of acquisitions, tells GlobeSt.com that the deal closely aligns with the company’s strategy of acquiring grocery- and drugstore-anchored retail in suburbs of New York City. The REIT is currently focusing on lower New York, southern Connecticut and Northern New Jersey.