The Greenwich-based REIT reported the sales deal closed on Thursday, Feb. 13.

The company had previously reported it had entered into a contract to purchase the property in September 2002.

Willing Biddle, president and chief operating Officer of Urstadt Biddle Properties said of the firm's latest purchase, "The acquisition of Green's Farms Plaza continues our strategy plan to buy well-located shopping centers in our targeted area of Fairfield County, Connecticut and Westchester and Putnam counties in New York."

He added that Green's Farms Plaza is located on the busy and sought after Route 1 corridor, which he noted, is located "in one of the nation's most affluent communities." Biddle noted that the property offers the firm "a solid long term investment."

Green's Farms Plaza, which is 100% occupied, contains approximately 40,000 square feet of space on three acres of land and is leased to regional and local retailers. The center's largest tenant is Pier One Imports, which occupies 36% of the property.

In December, Urstadt Biddle Properties purchased the 185,000-sf Westchester Pavilion shopping center in White Plains for $39.9 million and the 78,186 sf Orange Meadows Shopping Center in Orange, CT. for approximately $11 million. Urstadt Biddle Properties owns 29 properties containing approximately 3.3 million square feet of retail space.

Instant Insights /

Urstadt Biddle Acquires Westport, CT Retail Center for $10M

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