Retail

CARMEL AND KATONAH, N.Y. — Urstadt Biddle Properties has acquired two retail properties in New York. In the first transaction, the REIT purchased a two-thirds equity interest in Putnam Plaza Shopping Center, a 193,000-square-foot property located in Carmel. Located along Route 6, the property is valued at $28.6 million. The tenant roster includes anchor Hannaford Brothers Supermarket, Rite Aid, NY Sports Club, Radio Shack, Starbucks and Dress Barn. Urstadt Biddle's partner in the property is a local real estate investor. The second transaction involved the outright purchase of three multi-use properties located in downtown Katonah. The buildings consist of 14,000 square feet of office space above 18,000 square feet of ground-floor retail. The office component is fully leased and the retail component is anchored by Mrs. Green's Natural Food Market. Urstadt Biddle purchased the buildings for $8.52 million.

STONY POINT, N.Y. — Construction is under way for Crossroads at Stony Point, a new shopping center located on Holt Drive in Stony Point. The 92,491-square-foot property will be anchored by an Inserra Shoprite supermarket. Stony Point Liquors has also signed on for space within the center. The developer of Crossroads at Stony Point is Mahwah, N.J.-based Crossroads Cos.