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Urstadt Biddle Properties Acquires Eastchester Plaza

EASTCHESTER, NY- Urstadt’s SVP and director of acquisitions James Aries tells GlobeSt.com that the deal closely aligns with the company’s strategy of acquiring grocery- and drugstore-anchored retail.

By Jacqueline Hlavenka | Updated on December 19, 2011

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.

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