DUMONT, N.J. — Urstadt Biddle Properties (UBP) has purchased an equity interest in a new entity that owns Washington Commons Shopping Center, retail center that includes a residential component in Dumont. The two-building property features a freestanding 44,300-square-foot Stop & Shop and a three-story building that is occupied by retail tenants Valley Medical Group, Great Clips, Pet Valu, Blimpie and that includes 26 residential apartments. The residential unit mix consists of studio, one- and two-bedroom layouts. At the time of acquisition, the property was 100 percent leased.
The transaction was structured as a DownREIT partnership whereby the seller, a regional real estate developer, received a combination of cash and operating partnership units in a new entity formed to purchase the property. UBP is the managing member of the newly formed equity and will manage and lease the property. UBP’s initial equity in the DownREIT was approximately $3.9 million, which represents an approximate 31.4 percent equity interest.