MIDLAND PARK, NJ—Connecticut-based Urstadt Biddle Properties Inc. has acquired four shopping centers totaling approximately 375,000 square feet in the affluent New Jersey counties of Bergen, Passaic and Morris. The seller of all four properties is a prominent New Jersey commercial real estate owner and developer.

“This portfolio is the Company's largest single acquisition to date. Special credit is due to Jim Aries, UBP's director of acquisitions, and Zach Fox, UBP's acquisition manager. We are extremely pleased that we have been able to acquire such a large and high quality shopping center portfolio in one of our core marketplaces, northern New Jersey,” says Willing Biddle, president and CEO of Urstadt Biddle Properties Inc. “The acquisition of these properties helps to further our company's goals of investing in high quality grocery- or drugstore-anchored shopping centers in the suburban areas surrounding New York City and helps us expand in the New Jersey sub-market.”

The first property is the 130,000 square-foot Midland Park Shopping Center located in Midland Park, NJ (Bergen County). The property is anchored by a 29,550 square foot Kings Supermarket, a tenant since 1999. Other tenants in the center include CVS, Petco, Starbucks and Hudson City Savings Bank. The property is currently completely leased.

The second property is the 125,000 square-foot Pompton Lakes Town Square shopping center located in Pompton Lakes, NJ (Passaic County). The property is anchored by a 63,000 square-foot A&P supermarket, which has been in place since 2001. Other tenants include Starbucks, TD Bank, Wendy's, Planet Fitness, Pet Valu and Hallmark. The property, built in 2001, is 92 percent leased, and close to Route 287 and County Road 511.

The third property is the 43,000 square-foot Cedar Hill Shopping Center located in Wyckoff, NJ (Bergen County). The property is anchored by a 15,960 square-foot Walgreens. Other tenants include Chase Bank, Subway, Dunkin Donuts, Supercuts and other service-oriented tenants. The property, built in 1971, is 95 percent leased, and close to Cedar Hill Avenue and heavily traveled Route 208, which leads to Interstate 287.

The fourth property is the 77,000 square-foot Meadtown Shopping Center in Kinnelon, NJ (Morris County). The property is anchored by Petco and Rite Aid Pharmacy. Other tenants include Hallmark, as well as multiple restaurants and service-oriented tenants. Built in 1961, the property is 92 percent leased, and located at the intersection of Route 23 and Kinnelon Road. UBP says it is continuing negotiations begun by the previous owner with a well-known national retailer to fill the remaining vacancies at the property.

“These properties have been on our radar for over ten years, which is when our northern NJ expansion began. The properties are staples in their respective communities and are all well located in densely populated areas with high income levels and commutability to New York City,” says Aries. “The shopping centers are located within 17 miles of each other, which gives us strong economies of scale and ties in well with our other New Jersey holdings.”