Urstadt Biddle Invests in NJ Shopping Center
The company acquired an equity interest in a new partnership that purchased the 75,400-square-foot, mixed-use Washington Commons Shopping Center in Dumont, N.J. The property encompasses retail, restaurant and apartment units.
By Corina Stef
Washington Commons Shopping Center, Dumont, N.J.
Urstadt Biddle Properties Inc. acquired a share in Washington Commons Shopping Center in Dumont, N.J. According to PropertyShark, the seller was Etc Properties LP, an entity affiliated with Landmark Development. The sale was structured as a DownREIT purchase upon which Urstadt currently owns a 31.4 percent equity interest in the newly formed ownership entity, which translates into $3.9 million. The firm will also handle property management and leasing services.
“Washington Commons has been on our radar since 2002. This complements nicely with other UBP-owned shopping centers in nearby Emerson, Fort Lee and Passaic. We continue to pursue grocery-anchored shopping centers in suburban New York City with high barriers to entry,” Urstadt Biddle Senior Vice President of Acquisitions James Aries said in a prepared statement. The company also recently acquired a shopping center in Stamford, Conn.
The mixed-use property is located at 40 Washington Ave., and comprises 75,400 square feet of space. The two-building property includes a free-standing, 44,300-square-foot retail structure and a three-story building with a restaurant and 26 studio, one- and two-bedroom apartment units, provided with an individual entrance. Additionally, the property includes a parking lot for residents.
Close to Manhattan
Washington Commons is situated on a popular retail corridor that connects multiple towns. It is also a 20-minute drive from Manhattan. Nearby amenities include retailers, eateries and banks. Transportation is facilitated by the NJ Transit bus service.
“The property has an average daily traffic count of over 20,000 cars. Approximately 148,000 people, earning an average household income of $133,000, live within 3 miles of the subject property,” Urstadt Biddle President Willing Biddle said in prepared remarks.
At the time of closing, the property was 100 percent leased. The roster consists of one anchor tenant, Stop & Shop, and four in-line retail tenants: Valley Medical Group, Great Clips, Pet Valu and Blimpie.
Image courtesy of Urstadt Biddle Properties Inc.
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