Urstadt Biddle Properties has acquired a portfolio of three retail properties in Pelham Manor, N.Y. and Queens, N.Y., totaling 47,300 square feet of gross leasable space, for $16.6 million, the company said Thursday.
The purchase was made from a private investor.
The largest property in the deal is a 25,000-square-foot Gristede’s Shopping Center located on Boston Post Road (U.S. Highway 1) in the village of Pelham Manor, Westchester County, N.Y.
Gristede’s, a regional supermarket operating over fifty stores throughout New York City, Westchester and Long Island, is joined by Bank of America, Dunkin’ Donuts and other local retailers at the nearly fully leased center.
The other two centers are in Queens, N.Y. Both properties are located in the neighborhood of Flushing, and each are approximately 12,000 square feet. Both are fully leased to a total of more than 20 neighborhood retailers and serve a high-density urban consumer base.
This transaction represents the first acquisition for UB Properties since July 2005.