NEW PROVIDENCE, NJ—Urstadt BiddleInc., located in Greenwich, Conn., has acquired The Village Shopping Center in New Providence, N.J. for approximately $34.9 million. The property was purchased subject to an existing mortgage that requires payments of principal and interest.
Located on Springfield Avenue, The Village Shopping Center contains 110,000 sq. ft. of space and is anchored by a 45,000-sq.-ft. A&P grocery store. Additional tenants include CVS, Radio Shack and Smashburger, among others. Constructed in 1965, the shopping center was recently renovated to accommodate the new A&P.
“We’re thrilled to add another trophy grocery-anchored center to our core portfolio. This is no accident,” said James Aries, director of acquisitions at Urstadt Biddle Properties. “Sellers have faith in our ability to close quickly and without complication. We already have several excitingleads on the few vacancies at Village Shopping Center and look forward to establishing a greater presence in this marketplace.”