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Urstadt Biddle Picks Up 50 Percent Interest in N.J., N.Y. Shopping Centers

NEW YORK—Urstadt Biddle Properties Inc., based in Greenwich, Conn., has completed the purchase of a 50 percent tenant-in-common interest in the Chestnut Ridge Shopping Center in Montvale, N.J. and Plaza 59 Shopping Center in Spring Valley, N.Y. for a combined purchase price of $18 million.

Located in Bergen County, N.J., Chestnut Ridge Center contains 90,630 sq. ft. of leasable space and is currently 95 percent lease. The center is anchored by a 19,205-sq.-ft. Fresh Market supermarket with other tenants such as Chase Bank, among others.

Spring Valley Center, located in Rockland County in New York, contains 25,500 sq. ft. of leasable space. The shopping center is 94 percent leased to local tenants that include a butcher shop, Chinese restaurant and a dollar store.

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