Urstadt Biddle Properties Inc., a Greenwich-headquartered real estate investment trust, has completed an all-cash sale of its 10,100-square-foot retail property at 525 Main St. in Monroe for $3.65 million to an unnamed local real estate investor.
Urdstadt Biddle acquired the retail plaza in January 2007. The main tenants at the location are a 1,700-square-foot Starbucks and a 2,900-square-foot M&T Bank, along with several independently owned stores.
“We are pleased to have sold this fully-leased asset at an attractive yield on existing income,” said Willing L. Biddle, Urstadt Biddle’s president and CEO. “Although Monroe was a solid commercial real estate property, it did not meet our current investment objectives. Accordingly, we elected to sell it and plan on recycling the proceeds into properties which are more closely aligned with our current investment objectives.”