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Mid Atlantic Real Estate Journal — Shopping Centers — Section C Aries of Urstadt Biddle thrilled to add another two solid centers to core portfolio Urstadt Biddle Properties Inc. acquires two shopping centers in NJ for $29.355m
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the center features a 49,463 s/f A&P, as well as Dunkin’ Donuts, Chase Bank, Subway, Supercuts, and Sprint. Over 90% of the tenants are national or regional tenants. The 56,000 s/f BloomfieldA&P Center was purchased for $11,005,000 subject to an existing mortgage in the amount of $7,700,000. Located on Belleville Ave. (Route 506) in Essex County, the center is situated approxi- mately .5 mile east of the Garden State Parkway in a densely populated northern New Jersey market area. Bel- leville Ave. is a significant 5-mile east/west 4-lane road that boasts very high traffic HARRISON, NJ — Ad- vance Realty announced a significant milestone at Riverbend District, the com- pany’s transit-oriented, Smart Growth award-winning de- velopment in Harrison. The Northeast owner and devel- oper of class A office, mixed- use andmultifamily properties has received approval from the Town of Harrison to develop 345 luxury apartments and 18,000 s/f of retail space. The development will take place on a portion of Riverbend known as “Block D,” which is bounded by Riverbend Drive to the north, Pete Higgins Boulevard to the east, Crucible Drive to the south and Fifth Street to the west. The vibrant mix of residential and retail space will play an integral role in the continued success of the Harrison Waterfront Redevelopment Project, the town’s revitalization plan that capitalizes on its transit- friendly PATH. The residential portion of Block D will put residents conveniently close to multiple modes of mass transit, includ- ing NJ Transit, Amtrak and a centrally located, onsite PATH station. The retail component, which
counts and connects down- town Bloomfield with Bellville. Built in 1977 and renovated in 1999, the Bloomfield center is anchored by a 30,750 s/f A&P and an 8,950 s/f Walgreen’s. Other tenants include Dunkin’ Donuts, Supercuts, a pizzeria, liquor store and stationery store. Willing Biddle , CEO of Urstadt Biddle Properties Inc. said, “We are very pleased that we have continued our expansion into the New Jersey suburbs, which helps fulfill one of our company goals of invest- ing in high-quality, grocery-an- chored shopping centers in the suburban areas surrounding New York City.” n will feature a sports-themed bar and restaurant, a gym and various other offerings, will contribute to Riverbend’s burgeoning live-work-play atmosphere. The comprehensive redevel- opment effort will serve as a significant economic catalyst for Harrison, which is easily accessed via the New Jersey Turnpike and located within a few miles of Newark Liberty International Airport, I-280, the Garden State Parkway, US Routes 1 and 9 and Interstate 78. n
O O N T O N & BLOOMFIELD, NJ — Urstadt Biddle
Properties Inc. (NYSE: UBA and UBP) announced that it has acquired two shopping centers in New Jersey: Boon- ton A&P Center in Boonton, and Bloomfield A&P Center in Bloomfield. The 63,000 s/f BoontonA&P Center was pur- chased for $18,350,000 subject to an existing mortgage in the amount of $7,800,000. The center is located onMyrtleAve. just off of Route 287 in Morris County. Constructed in 1999, HI-LIGHTS JAN. 31 - Feb. 13, 2014 MID ATLANTIC ICSC CONFERENCE & DEAL MAKING SPOTLIGHT 5-18C Eastern Union negotiates two loan refinances for 11.9m
Boonton A&P Center 520-550 Myrtle Ave. Boonton, NJ
Mixed-use, Transit Village continues to play significant role Advance Realty receives approval for 345 apts. & 18,000 s/f of retail at Riverbend District
Block D Rendering
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Metro Commercial represents PetSmart in 19,734 s/f lease
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