Urstadt Biddle Acquires Tanglewood Shopping Center in Yonkers
John Jordan | April 4, 2018
YONKERS—Urstadt Biddle Properties Inc. has acquired the Tanglewood Shopping Center complex on Central Park Avenue here.
The Greenwich, CT-based equity REIT acquired the complex from a group of families that were descendants from the original developer of the property, according to James M. Aries, senior vice president, director of acquisitions for Urstadt Biddle. No financial terms of the transaction were released.
The 27,000-square-foot Tanglewood Shopping Center consists of two retail buildings that are 100% leased. The primary building, which fronts Central Park Avenue, consists of approximately 22,300 square feet and is anchored by a new AutoZone. Other tenants in the primary building include Dunkin’ Donuts, WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a stationery store and a hair salon. The second building consists of approximately 4,700 square feet and is tenanted by CKO Kickboxing (a 70+ unit chain), a nail salon and a market.
Tanglewood was built in 1954 and expanded in 2005 when the prior owners acquired the adjacent shopping center (formerly known as the Crisfield Shopping Center) and integrated that property with Tanglewood. The property is situated between Urstadt Biddle’s two other Central Park Avenue retail properties—the 247,000-square-foot Midway Shopping Center, anchored by Shoprite, to the north and the 58,000-square-foot McLean Plaza Shopping Center, anchored by Acme, to the south. In addition, UBP’s 70,000-square-foot Shoppes at Eastchester and the 24,000-square-foot Eastchester Plaza are both located within two miles east of the Tanglewood Shopping Center.
Approximately 134,500 people live within three miles of the Tanglewood property and earn an average household income of $154,500.
Willing Biddle, President of Urstadt Biddle Properties Inc. said of the deal, “We are pleased to have acquired another high quality shopping center located in our core marketplace. The property is located on Central Park Avenue, a major retail corridor of Westchester County and includes a strong national tenant AutoZone and other service-oriented and food use tenants that we believe continue to compete very well against e-commerce.”
Aries added, “We are thrilled to have acquired Tanglewood—the culmination of a relationship with the owners that began over 15 years ago. Tanglewood is one of the first shopping centers in lower-New York, developed by Len Farber, a shopping center pioneer and a founding member of the ICSC trade organization. We are proud to be the recipient of its first and only trade.”
He added that Tanglewood complements the firm’s shopping centers on or just off Central Park Avenue and in nearby Eastchester. “We continue to pursue shopping centers in suburban New York City with high barriers to entry,” Aries noted.
Urstadt Biddle Properties owns or has equity interests in 83 properties containing approximately 5.1 million square feet of space. It was the former owner of the Westchester Pavilion in White Plains, which had served as the headquarters of the Hudson Gateway Association of Realtors until its move to its current location at 1 Maple Ave. in White Plains. The Westchester Pavilion has since been sold to an affiliate of Lennar Multifamily and has been demolished to make way for a mixed-use development of apartments and retail space. Construction on the project has yet to commence.
Editor, Real Estate In-Depth