Last updated on December 21st, 2018 at 01:54 pm
A property company in Greenwich, Connecticut, Urstadt Biddle Properties Inc., has acquired Lakeview Plaza Shopping Center in the town of Southeast in Putnam County, New York, for $12 million.
Lakeview is a 177,000-s.f. shopping center anchored by a 54,000-s.f. Acme Markets. The property consists of five buildings on a 23-acre site located on Route 22, just north of the intersections of Interstates 684 and 84. According to Urstadt, the location benefits greatly from the traffic traveling north and south on Route 22, which has an average daily traffic count of 30,500.
Lakeview is 73 percent leased to a diverse mix of local, regional and national tenants, including Acme Markets, Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. The property was built between 1972 and 1981 and renovated in 1999.
Willing Biddle, president of Urstadt, said, “We are pleased to have acquired another grocery-anchored shopping center located in our core marketplace. Lakeview Plaza is strategically located on Route 22 near the confluence of I-684 and I-84. 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.”
James Aries, SVP of acquisitions, added, “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 ten miles of other UBP-owned shopping centers in Carmel and Somers, New York, and in Danbury, Connecticut. This will give us great economies of scale as we look to revitalize the center.”
Urstadt is a self-administered equity real estate investment trust that owns or has equity interests in 85 properties containing approximately 5.3 million s.f. of space. Listed on the New York Stock Exchange since 1970, it provides investors with a means of participating in ownership of income-producing properties. It has paid 195 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 25 consecutive years.
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