Urstadt Biddle Properties Inc. has paid $12 million to acquire Lakeview Plaza Shopping Center in Putnam County.
The 177,000-square-foot shopping center covers five buildings on a 23-acre site on Route 22, north of the intersections for Interstates 684 and 84 in the town of Southeast. The property, which was built between 1972 and 1981 and renovated in 1999, is 73 percent leased, with a 54,000-square-foot Acme supermarket as its anchor. Other tenants include Burger King, JPMorgan Chase, KeyBank, Rite-Aid, Subway and Supercuts.
Willing Biddle, president of Greenwich-based Urstadt Biddle Properties Inc., said: “We were able to acquire this property at a deep discount to replacement value from a lender who had foreclosed its loan on the property, and we look forward to using our talents to renovate and restore the property to the high-quality center it once was. We have approximately 20,000 square feet of retail space and 20,000 square feet of office space immediately available for lease.”
The self-administered real estate investment trust owns or has equity interests in 85 properties containing approximately 5.3 million square feet of space.
James Aries, senior vice president of acquisitions, said, “The acquisition of Lakeview Plaza, anchored by the dominant grocer in Southeast, is consistent with our strategy to acquire only trade-area leading grocers. We know this property very well as it is located within 10 miles of other UBP-owned shopping centers in Carmel and Somers and in Danbury. This will give us great economies of scale as we look to revitalize the center.”