The firm, which purchased the 185,000-sf complex for $39.9 million from the State of Wisconsin Retirement Fund last month, also plans to upgrade the facility's parking garage and is studying a possible 72,000-75,000-sf expansion of the retail center. The Westchester Pavilion's major tenants are: Toys R Us, The Sports Authority, Office Max, Borders Books, Outback Steakhouse and McDonald's. The center is currently 99 percent leased.

Biddle was a guest speaker at the Westchester County Board of Realtors' Commercial Investment Division meeting on Jan. 16 held at the Board's offices across the street from the firm's new property.

He explained that the original Westchester Pavilion project allowed for a 72,000-sf-75,000-sf second floor. However, the original developer of The Westchester Pavilion, Fisher- Reese Associates, never built the space.

The property was originally developed as an Alexander's department store in the 1950s. Fisher-Reese acquired the property and converted the facility into a power center in 1994.

Biddle noted that the firm has not made a decision on whether to move forward on the expansion and did not give a timetable on when Urstadt Biddle Properties would give a thumbs-up or thumbs-down on the venture. He did not have an estimate on how much the expansion would cost to develop.

Urstadt Biddle's upgrade of the Westchester Pavilion's parking facility will cost approximately $1.5 million and the firm plans to institute new parking regulations in order to ease congestion. Currently the complex offers free parking. However, nearby office users and shoppers at The Westchester mall are parking in the garage in order to skirt parking fees. Biddle said that new regulations to be put in place will offer free parking for 30 minutes only. He added that parking validations may be given to retailers for patrons of Westchester Pavilion tenants.

Biddle described his company as "redevelopers" that are looking to acquire between $50 million to $75 million in new retail product each year. The firm usually likes to own grocery-anchored retail shopping centers in the company's core market area of Westchester and Fairfield counties. However, he did say that the company will consider acquiring retail centers in Putnam and Rockland counties as well as in the Bronx.

He noted that one factor that attracted the company to the Westchester Pavilion was its location and the tremendous amount of retail and residential housing development currently under construction in downtown White Plains.

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Urstadt Biddle Mulls Expansion at Westchester Pavilion

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