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Urstadt acquires New Providence location for $35 million

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Urstadt Biddle Properties Inc., in Greenwich, announced Thursday it acquired The Village Shopping Center, in New Providence, for $34.85 million.

According to an announcement, the property was purchased subject to an existing mortgage in the amount of $18.9 million that requires payments of principal and interest at a fixed rate of 5.6803 percent per annum. The mortgage matures in January 2022.

The 110,000-square-foot shopping center is tenanted by A&P, CVS, Radio Shack, Investor’s Bank and Smashburger.

Write to the Editorial Department at editorial@njbiz.com

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