UBP buys 60% of N.J. shopping center

Urstadt Biddle Properties Inc. this week announced it has acquired a 60 percent interest in a newly formed limited partnership that recently purchased the Ferry Plaza Shopping Center in Newark, N.J., for $26 million.

A group of investors who originally developed the property in 1995 sold it to the partnership, which is comprised of Urstadt Biddle Properties and one of its affiliates.

Ferry Plaza consists of a 100,491-square-foot shopping center anchored by a 63,433-square-foot Pathmark Supermarket, a division of A&P. The property is located in the densely populated Ironbound section of Newark, where significant barriers to entry exist limiting future retail competition.

The shopping center, which was 95 percent occupied at the time of purchase, is leased to national or regional tenants including Blockbuster Video, Rainbow Stores, Dots, GNC, Carvel, Subway and Valley National Bank.

***

What's your opinion? Leave your comments below or send a letter to the editor.

All rights reserved. This content may not be used or reproduced in any manner whatsoever, in part or in whole, without written permission of Inman News. Use of this content without permission is a violation of federal copyright law.