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.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
