Urstadt Biddle Increases NY Portfolio with Shopping Center Buy in Putnam County
The shopping center, located on a 23-acre site on Route 22, is anchored by a 54,000-square-foot Acme Supermarket.
SOUTHEAST, NY—Urstadt Biddle Properties of Greenwich, CT has acquired a grocery-anchored shopping center here for $12 million.
The retail REIT has added the 177,000-square-foot Lakeview Plaza Shopping Center to its portfolio of more than 5 million square feet. The shopping center, located on a 23-acre site on Route 22, is anchored by a 54,000-square-foot Acme Supermarket.
Willing Biddle, president of Urstadt Biddle Properties Inc., says, “We are pleased to have acquired another grocery-anchored shopping center located in our core marketplace. Lakeview Plaza is strategically located on Route 22 near the confluence of I-684 and I-84. We were able to acquire this property at a deep discount to replacement value from a lender who had foreclosed its loan on the property, and we look forward to using our talents to renovate and restore the property to the high-quality center it once was.”
He adds that at present there is approximately 20,000 square feet of retail space and another 20,000 square feet of office space currently available for lease.
Lakeview Plaza is currently 73% leased to a diverse mixture of local, regional and national tenants. In addition to Acme Supermarket, other tenants at the property include Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King.
The property, which includes 908 parking spaces, was built between 1972 and 1981, and renovated in 1999.
Urstadt Biddle notes that other key attributes of the property include the Town of Southeast having two Metro-North train stations with regular service to New York City’s Grand Central Station taking approximately 75 minutes. The population of the Town of Southeast is approximately 18,400, and other commercial development in Southeast is mainly situated on Route 22 within close proximity to the property. The nearest enclosed mall is the Danbury Fair Mall in Danbury, CT, which is roughly 20 minutes from Lakeview.
James Aries, SVP of acquisitions for Urstadt Biddle, notes, “The acquisition of Lakeview Plaza, anchored by the dominant grocer in Southeast, is consistent with our strategy to acquire only trade-area leading grocers. We know this property very well as it is located within 10 miles of other UBP-owned shopping centers in Carmel and Somers, NY and in Danbury, CT. This will give us great economies of scale as we look to revitalize the center.”
Urstadt Biddle owns or has equity interests in 85 properties containing approximately 5.3 million square feet of space.