NEW PROVIDENCE, NJ-Greenwich, CT-based Urstadt Biddle Properties Inc. reports it has acquired The Village Shopping Center here for nearly $34.9 million.

The company states that the property was purchased subject to an existing mortgage in the amount of $18.98 million that requires payments of principal and interest at a fixed rate of 5.6803% per annum. The mortgage matures in January 2022.

The 110,000-square-foot Village Shopping Center on Springfield Avenue is anchored by a three-year old, 45,000-square-foot A&P (which replaced ACME Supermarket), CVS, Radio Shack, Investor's Bank and Smashburger. The shopping center was built in 1965 by the seller but was recently renovated to accommodate the new A&P.

Willing Biddle, president of Urstadt Biddle Properties Inc. said, “We are very pleased that we have continued the process of investing capital raised from our stock offerings in October 2012 into another grocery-anchored income producing property. Coupled with other holdings in nearby Bergen County, including our recent investment in the Chestnut Ridge Shopping Center in Montvale, NJ, northern New Jersey is proving to be a high performance market for us.”