PASSAIC, N.J. -- The shopping center home to Gala market and Valley National Bank in Passaic was purchased by a real estate investment trust on Wednesday.
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) acquired the 36,500 square foot strip mall for $7,100,000, said Willing Biddle, President and CEO.
Gala Fresh Supermarket, Valley National Bank, Pennella Italian restaurant and a stationery store are located at the strip mall, which occupies roughly an entire block front on Van Houten Avenue, with two points of ingress/egress on each side.
“We are pleased to add this stable, grocery-anchored shopping center to our portfolio," Biddle said.
"Our long-term plan is to enhance the appearance of the center by potentially adding a drive-through for Valley National Bank," he added.
The grocer is also in the midst of finishing an interior renovation and is considering a façade overhaul.
“This deal speaks to our ability to uncover value in every corner of our primary marketplace. Simply put, we have an experienced grocer that is appropriately sized, paying below market rent in one of the densest markets in northern New Jersey, compounded by the fact that it was an off-market transaction at a great price,” Zach Fox, Vice President of Acquisitions added.