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.

"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."

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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