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Last Updated ( Tuesday, 14 January 2014 14:39 )
DATE_FORMAT_LC2=Tuesday,January 14 2014 12:00:00 am EST   
Urstadt Biddle Properties Buys Two Centers in New Jersey

BoontonNLBoonton and Bloomfield, N.J. — Urstadt Biddle Properties Inc. has acquired two shopping centers in New Jersey. The first retail property is the 63,000-square-foot Boonton A&P Center in Boonton, located about 20 miles northwest of Newark. The shopping center was purchased for $18.4 million and includes an existing mortgage of $7.8 million. The loan requires payments of principal and interest at a fixed rate of 4.2 percent annually until September 2022, according to Urstadt Biddle Properties. Tenants at the property include A&P Grocery Store, Dunkin' Donuts, Chase Bank, Subway, Supercuts and Sprint.

The second property is the 56,000-square-foot Bloomfield A&P Center in Bloomfield, a northern suburb of Newark. The shopping center was purchased for approximately $11 million and includes an existing mortgage of $7.7 million. The loan requires payments of principal and interest at a fixed rate of 6.43 percent annually until August 2016, according to Urstadt. A 30,750-square-foot A&P Grocery Store anchors the center, along with an 8,950-square-foot Walgreens.

 

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