Urstadt Biddle Properties Inc. acquires Lakeview Plaza Shopping Center Southeast, NY
PUTNAM COUNTY, NY — Urstadt Biddle Properties Inc. has acquired, for $12 million, Lakeview Plaza Shopping Center, located in the Town of Southeast in Putnam County, NY (Lakeview). Lakeview is a 177,000 s/f shopping center anchored by a 54,000 s/f Acme Supermarket. The property consists of five buildings on a 23 acre site located on Rte. 22, just north of the intersections of Interstates 684 & 84. The location benefits greatly from the traffic traveling north and south on Rte. 22, which has an average daily traffic count of 30,500. Lakeview is currently 73% leased to a diverse mixture of local, regional and national tenants including Acme Supermarket, Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. The property was built between 1972 and 1981, and renovated in 1999. Parking is excellent with 908 spaces (5.13 cars / 1,000 s/f) serving the shopping center, and access to the property is also excellent, with two signalized points of ingress/egress along Rte. 22. The Town of Southeast has two Metro-North train stations with regular service to New York City’s Grand Central Station taking 75 minutes. The population of the Town of Southeast is 18,400, and other commercial development in Southeast is mainly situated on Rte. 22 within close proximity to the property. The nearest enclosed mall is the Danbury Fair Mall, located in Danbury, Connecticut, roughly 20 minutes from Lakeview.