M id A tlantic Real Estate Journal — Shopping Centers —ICSC PA/NJ/DE Idea Conference & Deal Making —— August 25 - Sept. 14, 2017— 3C
www.marejournal.com
75,400 s/f shopping center in in Dumont Urstadt Biddle Properties announces acquisition of WashingtonCommons Shopping Center D umont , NJ — Ur s t ad t B i dd l e Properties Inc. has ICSC PA/NJ/DE I dea C onference & D eal M aking
20,000 cars. Approximately 148,000 people, earning an average household income of $133,000, live within three miles of the subject property.” James Aries, senior VP of acquisitions, added, “We are thrilled to have acquired Washington Commons, which has been on our radar since 2002. This complements nice- ly with other UBP-owned shopping centers in nearby Emerson, Fort Lee and Pas- saic. We continue to pursue grocery-anchored shopping centers in suburban NYC with high barriers to entry.” n
acquired an equity interest in a new entity that owns the Washington Commons Shopping Center located in Dumont. Washington Com- mons is a 75,400 s/f shopping center, which also includes a residential component. The mixed-use property consists of two buildings. One is a free- standing 44,300 s/f Stop & Shop. The second building is a three-story retail and mul- tifamily building occupied by Valley Medical Group, Great Clips, Pet Valu, Blimpie and 26 residential apartments. The residential unit mix con- sists of one bedroom, two bed- room and studio apartments. The residences have their own entrance and parking field located behind the shopping center. The property is cur- rently 100% leased. All retail tenants, except for Great Clips, have been in occupancy since 1997. Dumont, New Jersey is lo- cated in the southern part of Bergen County. Washington Ave. is a major north/south commercial artery which feeds into competitive commercial markets to the north (Closter) and to the south (Bergenfield). Stop & Shop is the only grocer serving densely populated Du- mont. Although Washington Ave. is a two-lane road, it is the only commercial artery in town and there is a free- standing Walgreens, a free- standing Burger King and a free-standing Chase Bank at the other three corners of this intersection, which creates a retail critical mass. The transaction was struc- tured as a “DownREIT part- nership” whereby the seller received a combination of cash and operating partnership units in a new entity formed to purchase the property. Urstadt Biddle Properties is the managing member of the newly formed entity and will manage and lease the property. The seller is a re- gional real estate developer that originally developed the property. UBP’s initial equity in the DownREIT was $3.9 million, which represented an approximate 31.4% equity interest. Willing Biddle , president of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another high
Washington Commons
quality grocery anchored commercial property located in our core marketplace. The property is 100% leased and Stop & Shop does very well
in this space. In fact, they just recently exercised the next option under their lease. The property has an average daily traffic count of over
ANOTHERBANNERYEAR AND STILL ACQUIRING 2017
Acquisition Contacts: James Aries Senior Vice President / Acquisitions jaries@ubproperties.com 203-863-8224 Zach Fox Vice President / Acquisitions zfox@ubproperties.com 203-863-8211 Leasing Contacts: Linda Lacey Senior Vice President / Leasing llacey@ubproperties.com 203-863-8202 Joseph Allegretti Vice President / Leasing jallegretti@ubproperties.com 203-863-8354
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Urstadt Biddle Properties Inc. | 321 Railroad Avenue, Greenwich, CT 06830 | www.ubproperties.com UBA UBP Listed
Acquisition Ad MAREJ 8-25-17.indd 1
8/18/17 3:22 PM
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