The transaction was funded with the net proceeds of thecompany's recent sale of the Southern Plaza in Tempe, AZ, a126,000-sf shopping center that traded for $13.2 million with anestimated gain of $11 million in a tax-deferred exchangetransaction, plus available cash. "That sale continued our statedobjective of selling non-core properties and recycling the proceedsinto properties with long-term growth potential in our targetedmarket of the New York metro area," says Willing Biddle, the REIT'spresident and COO.

Built in the 1980s and renovated in 2005, Emerson Shopping Plazais anchored by a 50,150-sf ShopRite supermarket. Other tenants atthe property currently include Dunkin' Donuts, Hallmark Cards, Bankof America and H&R Block.

"The property is well-located in an affluent bedroom community,has a strong tenant roster and stable cash flow," Biddle says."This acquisition continues our expansion into Northern New Jersey.We're actively seeking additional investment opportunities in thesuburban communities of New Jersey surrounding New York City, inaddition to our core market of Westchester, Fairfield and Putnamcounties."