Urstadt Biddle Properties Inc. Announces Acquisition of the Eastchester Plaza Shopping Center
Urstadt Biddle Properties Inc. (NYSE: UBA) announced today that its subsidiary had completed the purchase of the Eastchester Plaza Shopping Center in the Town of Eastchester, Westchester County, New York. In connection with the purchase, the Company assumed a first mortgage encumbering the property in the approximate amount of $3.6 million that bears interest at the rate of 7.64% per annum. The mortgage matures in April 2012. The remaining equity needed to complete the acquisition was funded with available cash. The center, located on White Plains Road (Route 22) in the Town of Eastchester, was built in 1963 and renovated in 2006 and contains 23,300 square feet of leasable space anchored by a 13,500 CVS.
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