Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired the 30,940 square foot Bethel Hub Shopping Center in Bethel, CT. The Bethel Hub center was purchased with cash for $9,000,000. The center is co-anchored by a 7,596 square foot Rite Aid Pharmacy and a 13,884 square foot Caraluzzi’s liquor store, other tenants in the center include People’s Bank, which occupies a 2,500 square foot pad site with a drive-through, Soups Salads and More, Pizzeria Lauretano, a cleaners, and a Laundromat. The Bethel Hub Shopping Center was built in the 1950’s and was subsequently expanded in 1967 and 1977. The shopping center is currently 100% occupied. The Bethel Hub Shopping Center is a very desirable retail destination located in the center of Bethel, CT. that is well protected due to the high barriers to entry. The center is highly visible at the intersection of Greenwood Avenue (Connecticut 302) and Grassy Plain Street. The shopping center is across the street from two prominent retail attractions in Bethel, the famous Sycamore Drive-In, which attracts diners from all over the county, and The Bethel Cinema.
Willing Biddle, CEO of Urstadt Biddle Properties Inc. said, “We are pleased that our acquisition program has again found us a desirable community shopping center in our own back yard of Connecticut. This acquisition helps to further one of our company goals of investing in high quality grocery or drugstore anchored shopping centers in the suburban areas surrounding New York City.” James Aries, Director of Acquisitions at Urstadt Biddle Properties Inc. adds, “We are pleased to have concluded our second transaction with this seller. The Bethel Hub Shopping Center is well-located in the heart of Bethel and has exhibited very little tenant turnover in its history. The center has been on our radar for some time and we are thrilled to finally own it. Sellers have faith in our ability to close quickly and without complication.”