Two Putnam Ave. Retail Properties Acquired by Urstadt Biddle

Acccording to a statement released by Urstadt Biddle Properties Inc. on May 29th, the company announced that it has acquired two retail properties located on Putnam Avenue (US Route 1) in Greenwich for $18 million. 

The first property, located at 125-143 West Putnam Ave., is a 9,300 square foot retail strip center located on West Putnam Avenue opposite the parking lot from Stop & Shop Supermarket. The center includes national tenants, Cosi, JP Morgan Chase Bank, Empy's Day Spa, Go Figure and Val's Wine and Liquor.

The second property, "Cos Cob Plaza," located on East Putnam Avenue, is a 15,000 square foot retail and office center anchored by national men's clothier Jos A. Bank at 409 East Putnam Ave. The property also houses Hobby Center, Atelier, and Tai-Chi Karate studio.

According to the prepared statement, the properties were purchased subject to an existing mortgage in the amount of $7.7 million that requires payments of principal and interest at a fixed rate of 6.8% per annum. The mortgage matures in August 2016. The company funded the balance of the purchase price with available cash remaining from common and preferred stock offerings completed in October 2012. 

Urstadt Biddle's statement reported that the properties were purchased from a Greenwich-based family who had built the properties and held them for over 40 years.