GREENWICH, CT-Locally based retail REIT Urstadt Biddle Properties Inc. reports it has acquired two shopping centers on the highly sought after Putnam Avenue here for $18 million.

One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue shadow anchored by a Stop and Shop supermarket. The center includes Cosi, JP Morgan Chase Bank, and additional tenants consisting of a high-end wine retailer, a day spa and women's fitness studio. The second property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men's clothier Jos A. Bank and other retailers.

The properties were purchased from a Greenwich based family that had built the properties and held them for more than 40 years. The acquisition was subject to an existing $7.7-million mortgage that matures in August 2016 that requires payments of principal and interest at a fixed rate of 6.8% per annum. The company states that it funded the balance of the purchase price with available cash remaining from common and preferred stock offerings completed in October 2012.

Willing Biddle, president of Urstadt Biddle Properties Inc., says of the deals, “These two purchases continue the strong acquisition momentum begun with our acquisition earlier this year of the grocery-anchored Chestnut Ridge Shopping Center in Montvale, NJ and the 110,000-square-foot grocery-anchored Village Shopping Center in New Providence, NJ. We are looking at several other opportunities and continue to be willing buyers of quality, fairly priced, retail shopping centers located in our marketplace, the suburban communities surrounding New York City.”