RYE, NY-North American Properties has sold a total of 42,000 sf of retail space here in the village, including the 17,500-sf Biltmore Shopping Center, to Urstadt Biddle Properties Inc. of Greenwich, CT. The deal was valued at $10.9 million and involved $6.2 million in cash and the assumption of $4.7 million in existing mortgage debt.

Willing Biddle, president of Urstadt Biddle Properties, says of the deal, “We view this investment as an opportunity to acquire desirable retail property in our immediate market area with significant upside due to our experienced management and leasing skills.”

All of the properties are located in or near the main retail shopping district in the village of Rye. Some of the acquired properties are located adjacent to the popular Rye Ridge Shopping Center.

The deal involves retail space located at 27-29, 43 and 48-54 Purchase St., 2 to 14 Bowman Ave., the site of the Biltmore Shopping Center, a neighborhood consumer complex, and 502-508 Westchester Ave.

John Marriott vice president, director of acquisitions for Urstadt Biddle says the popular Cosi Restaurant, which totals approximately 2,500-sf is located at 48 Purchase St., and Great Stuff, an upscale retailer that has locations in Scarsdale, N.Y., Greenwich and Westport, CT, occupies approximately 2,650 sf of space at 54 Purchase St.

Some of Urstadt Biddle’s more notable holdings in New York State include the Westchester Pavilion in White Plains, the Arcadian Shopping Center in Briarcliff Manor and Somers Commons, Town Center at Somers and the Heritage 202 Center in Somers. Among its Connecticut properties are the Ridgeway Shopping Center in Stamford, Greens Farms Plaza in Westport and the Danbury Square shopping center.

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