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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