Urstadt Biddle Properties Inc. Acquires Two Shopping Centers in New Jersey
January 02 2014 - 9:00AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired two shopping centers in New Jersey. The
first is the 63,000 square foot Boonton A&P Center in Boonton,
NJ. The Boonton center was purchased for $18,350,000 subject to an
existing mortgage in the amount of $7,800,000 that requires
payments of principal and interest at a fixed rate of 4.2% per
annum. The mortgage matures in September 2022. The Boonton Center
is located on Myrtle Avenue, just off of Route 287, in Boonton
within Morris County which is one of the wealthiest counties in the
United States. The shopping center was constructed in 1999 and
features a 49,463 SF A&P other tenants include Dunkin’ Donuts,
Chase Bank, Subway, Supercuts and Sprint. Over 90% of the tenants
are national or regional tenants. The second property is the 56,000
square foot Bloomfield A&P Center in Bloomfield, NJ. The
Bloomfield center was purchased for $11,005,000 subject to an
existing mortgage in the amount of $7,700,000 that requires
payments of principal and interest at a fixed rate of 6.43% per
annum. The mortgage matures in August 2016. The Bloomfield Center
is anchored by a 30,750 SF A&P Grocery Store and a 8,950 SF
Walgreen’s Drugstore. Other tenants in the shopping center include
Dunkin’ Donuts, Supercuts, a pizzeria, a liquor store and a
stationery store. Built in 1977 and renovated in 1999, The
Bloomfield A&P Center is located on Belleville Avenue (Route
506) in Bloomfield (Essex County), about ½ mile east of the Garden
State Parkway in a densely populated northern New Jersey market.
Belleville Avenue is a significant 5-mile east/west road which
connects downtown Bloomfield with Belleville to the east. The
shopping center has very high traffic counts.
Boonton A&P Center 520-550 Myrtle
Avenue Boonton, NJ (Photo: Business Wire)
Willing Biddle, CEO of Urstadt Biddle Properties Inc. said, “We
are very pleased that we have continued our expansion into the New
Jersey suburbs, which helps fulfill one of our company goals of
investing in high quality grocery-anchored shopping centers in the
suburban areas surrounding New York City. Coupled with other new
holdings in nearby Union and Bergen Counties, including our recent
investment in the Village Shopping Center in New Providence, New
Jersey and the Chestnut Ridge Shopping Center in Montvale, New
Jersey, central and northern New Jersey are proving to be high
performance markets for us.” James Aries, Director of Acquisitions
at Urstadt Biddle Properties Inc. adds, “We’re thrilled to add
another two solid, well located, grocery-anchored centers to our
core portfolio. We believe that the Bloomfield Center has strong
leasing upside and Boonton is a solid, 100% leased,
grocery-anchored shopping center in our core marketplace that we
were able to acquire at a reasonable price. Sellers have faith in
our ability to close quickly and without complication.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
66 properties containing approximately 4.8 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 176 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 20
consecutive years.
For additional information, please contact Willing L. Biddle,
CEO, John Hayes, CFO or James Aries, SVP, Urstadt Biddle Properties
Inc. at 203-863-8200. Follow us on Twitter at
https://twitter.com/UrstadtBiddle
This press release contains statements that constitute
“forward-looking statements.” These statements are made pursuant to
the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Such forward-looking statements involve known
and unknown risks, uncertainties and other factors which may cause
the actual results, performance or achievements of Urstadt Biddle
Properties Inc. to be materially different from any future results,
performance or achievements expressed or implied by such
forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors. Urstadt Biddle Properties Inc. undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20140102005170/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, CEOorJohn T.
Hayes, CFOorJames Aries, SVP203-863-8200
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