GREENWICH, CONN. — Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired two retail properties located on Putnam Avenue in Greenwich for $18 million. The properties were purchased subject to an existing mortgage of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8 percent. The mortgage matures in August 2016. The properties were purchased from a Greenwich-based family that had built the properties and held them for more than 40 years. One of the properties is a 9,300-square-foot retail strip center located on West Putnam Avenue and is shadow-anchored by Stop & Shop Supermarket. The other property, located on East Putnam Avenue, is a 15,000-square-foot retail and office center that includes national men’s clothier Jos. A. Bank and other retailers that provide basic necessities.
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