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NEW MILFORD, CT-Urstadt Biddle Properties Inc. is purchasing Veteran’s Plaza Shopping Center here for $10.3 million in cash. The real estate investment trust will assume the left-over $3.6-million mortgage from the seller–First Treetops–a family-owned real estate fund. UBP is represented by Jim Aries, SVP and CFO of UBP and First Treetops is repped by Steve Hoffman.

The 79,609-sf shopping center–at 1 Kent Rd.–is fully-leased with tenants Rite Aid, Blockbuster Video and Dansbury Saving Bank. The center is anchored by Big Y Supermarket commanding 50,650 sf and holding a minimum of 20 years on their lease, with further options, according to UBP. Rite Aid, however, has two years left on their lease, but is currently dark. Willing Biddle, president & CEO of UBP, tells GlobeSt.com that the REIT is leasing the space to a new tenant, but would not disclose terms of the new lease or which company would be taking the retailer’s space.

Biddle says in a statement that “this acquisition coupled with our purchase of Ferry Plaza Shopping Center in early fiscal 2008 puts the company well on its way to achieving our acquisition goals for the year.” The goal for this REIT is $75 million and, Biddle explains to GlobeSt.com, Veteran’s Plaza brings them to roughly $36 million.

“It’s a very well-located center at a very strategic crossroads,” Biddle points-out to GlobeSt.com. The property is located at the Route 202 and Route 7 split here, close to the Fairfield County border.

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