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Urstadt Biddle Adds NJ, NY Retail Centers

MONTVALE, NJ - A grocery-anchored shopping center in affluent Bergen County is snatched up as a trophy, along with a small strip center in Rockland County.

By Antoinette Martin | Updated on January 07, 2013

MONTVALE, NJ-Urstadt Biddle Properties, a REIT investor that has gone into acquisition mode lately, acquired a 50% tenant-in-common interest in two shopping centers, one in Bergen County, and the other in neighboring Rockland County, NY, it announced Monday.

The Chestnut Ridge Shopping Center in Montvale and the Plaza 59 Shopping Center in Spring Valley, NY, traded for a total cash price of $18.2 million. The acquisition was funded with proceeds from the company’s October stock sales.

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