Thank you for sharing!

Your article was successfully shared with the contacts you provided.

GREENWICH, CT-Community shopping center owner Urstadt Biddle Properties Inc. says that it plans to acquire a 185,000-sf retail center in the Westchester-Fairfield County area for $41 million.

Officials with the Greenwich, CT.-based REIT, would not divulge the identity or location of the property it intends to purchase. James R. Moore, chief financial officer of the firm, says that the property is located in the company’s “target acquisition market” which entails the Westchester County area in New York and the Fairfield County region in Connecticut. Moore adds that the company is in due diligence on the acquisition at the moment and plans to make a further announcement when the deal closes.

Recently, the company reported it had entered into contracts to acquire three other retail properties totaling $43 million. Those deals have not yet closed, company officials say. The company previously stated that it has a contract with the owner of two New York suburban retail shopping centers totaling 220,000 sf for $33 million. In addition, the firm has a contract to acquire a 40,000-sf shopping center in Fairfield, CT. for $10.25 million.

Urstadt Biddle Properties officials say that they anticipate the transactions will close in the next several months. All of the deals will be financed in part from the proceeds of the sale of eight million shares of Class A common stock that was held in August of this year. The stock sale netted approximately $80 million. The company also plans to utilize borrowings on its existing bank credit lines in financing the deals.

The company, which owns, manages and acquires commercial real estate, mainly community shopping centers, currently owns 26 properties totaling 2.8 million sf of space.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.