Urstadt Biddle Properties officials note that the facility, originally developed and operated in the late 1950s as an Alexander's department store, is currently 99% leased. The firm acquired the 185,000-sf complex, which was converted into a power center in 1994 by Fisher-Reese Associates, from the State of Wisconsin Retirement Fund.

Urstadt Biddle Properties also reports that it has purchased the Orange Meadow Shopping Center in Orange, CT., for $11 million from a partnership headed by Louis Ceruzzi of Westport, CT.

Charles J. Urstadt, chairman and chief executive officer of the Greenwich-based REIT, says, "These acquisitions complete nearly $150 million of properties acquired in our target region of New York and Connecticut this year. We have another $32 million under contract which we expect to close on in the next several months."