Urstadt Biddle Properties (UBA) Buys Veteran's Plaza Shopping Center in New Milford, CT for $10.3M
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Urstadt Biddle Properties Inc. (NYSE: UBA) announced today that it has purchased the Veteran's Plaza Shopping Center in New Milford, Connecticut for $10.3 million. In conjunction with the purchase, UBP assumed an existing first mortgage of $3.6 million. UBP funded the acquisition with available cash remaining from its successful sale of $60 million of preferred stock in March of 2008.
Veteran's Plaza is a 78,609 square foot shopping center anchored by a 50,650 square foot Big Y Supermarket. The property is located in New Milford, CT in Litchfield County, bordering Fairfield County. The property is 100% leased to national or regional tenants including Rite Aid, Blockbuster Video and Danbury Saving Bank.
Urstadt Biddle Properties, Inc., a real estate investment trust (REIT), engages in the acquisition, ownership, and management of commercial real estate properties in the United States.
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