Details of the deal were not released. The shopping center isvalued at $26 million, according to UBP officials, and is subjectto an existing first mortgage of $11.9 million, The property wasacquired from a group of local investors who originally developedthe property in the mid-'90s.

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"We have added another significant grocery-anchored shoppingcenter in Northern New Jersey," confirms Willing Biddle, UBP'spresident. "The acquisition complements our currentgrocery-anchored centers located in Wayne and Emerson, andcontinues our expansion into that region on the state."

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That grocery anchor is Pathmark, which occupies 63,433 sf. Othertenants at Ferry Plaza, which is 95% leased, include BlockbusterVideo, Rainbow Stores, Dots, GNC, Carvel, Subway and ValleyNational Bank. "We utilized $8.7 million of the proceeds of ourrecent successful sale of preferred stock to complete the cashportion of our equity investment in this transaction," Biddle says.The stock sale, completed in March, involved $60 million of newSeries E Senior Cumulative Preferred Stock in a private placementto WFC Holdings Corp., a holding company for Wells Fargo Bank.

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