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May 22, 2013 Deal Watch Today

CT's Urstadt Biddle pays $34.9M for NJ center

Photo | Businesswire The Village Shopping Center in New Providence, N.J.

Greenwich landlord Urstadt Biddle Properties Inc. says it recently paid $34.9 million for The Village Shopping Center in New Providence, N.J.

The deal for called for the real estate investment trust to assume the balance of an existing $18.98 million mortgage secured by the 110,000-square-foot center, with annual interest fixed at 5.6803 percent. The mortgage matures in January 2022.

The Village is on Springfield Avenue in the center of affluent New Providence, officials said.

It is anchored by a three-year old, 45,000-square-foot A&P supermarket, CVS, Radio Shack, Investor's Bank and Smashburger.

The shopping center was built in 1965 by the seller but recently renovated to accommodate the new A&P.

Urstadt Biddle of late has been aggressively expanding property portfolio beyond Connecticut and Westchester County, N.Y., into New Jersey, acquisition director James Aries said.

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