Urstadt Biddle Properties Inc. Announces Acquisition of a Fifty Percent Interest in Chestnut Ridge Shopping Center in Montval...
22 December 2012 - 9:05AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it had completed the purchase of a fifty percent
tenant-in-common interest in the Chestnut Ridge Shopping Center in
the town of Montvale, New Jersey and Plaza 59 Shopping Center in
Spring Valley, New York for a combined purchase price of $18.2
million, excluding closing costs. The interests in both properties
were purchased free and clear of mortgages. The $18.2 million
acquisition was funded with proceeds from the Company’s recently
completed stock offerings. The Chestnut Ridge Center, located on
Chestnut Ridge Road in affluent Montvale, New Jersey in the County
of Bergen contains 90,630 square feet of leasable space. The
shopping center is 95% leased and is anchored by a 19,205 square
foot Fresh Market Supermarket and the centers other tenants include
a health club, a Chase Bank and many other successful local
tenants. The Spring Valley Center, located on Route 59 in Spring
Valley, New York in the County of Rockland contains 25,500 square
feet of leasable space. The shopping center is 94% leased to a
small market and other local tenants.
Willing Biddle, President of Urstadt Biddle Properties Inc said,
“We are very pleased that we have begun the process of investing
the capital we raised in our recently completed Class A Common
stock and preferred stock offerings into income producing retail
properties. Our acquisition of the grocery anchored Chestnut Ridge
Shopping Center adds another trophy grocery anchored center to our
core portfolio. The shopping center is located on Chestnut Ridge
Road in Montvale, New Jersey, a major north/south artery that
parallels the Garden State Parkway and is home to several office
buildings whose tenants frequent the shopping center on a daily
basis. The trade area consists of near-by high demographic towns
such as Woodcliff Lake, Ramsey and Upper Saddle River. The Spring
Valley Center is located on the heavily traveled Route 59 in Spring
Valley, New York and provides many of the day to day staple
products serving the surrounding community’s needs. The Company
hopes to continue this acquisition momentum with the purchase of
additional shopping centers in the very near future in order to
invest the remaining capital raised from the recent stock offerings
in October 2012.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
56 properties containing approximately 5.0 million square feet of
space. Listed on the New York Stock Exchange since 1969, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 172 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 19
consecutive years.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning 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 the Company 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.
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