Urstadt Biddle Properties Inc. Acquires the Village Shopping Center in New Providence, NJ
May 02 2013 - 3:49PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired The Village Shopping Center in New
Providence, NJ for $34,850,000. The property was purchased subject
to an existing mortgage in the amount of $18,980,000 that requires
payments of principal and interest at a fixed rate of 5.6803% per
annum. The mortgage matures in January 2022.
Village Shopping Center, New Providence,
NJ (Photo: Business Wire)
The Village Shopping Center is located on Springfield Avenue in
the center of the affluent community of New Providence, NJ (Union
County). The 110,000 square foot shopping center is anchored by a
3-year old 45,000 square foot A&P (which replaced ACME
Supermarket), CVS, Radio Shack, Investor’s Bank and Smashburger.
The shopping center was built in 1965 by the seller but recently
renovated to accommodate the new A&P.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are very pleased that we have continued the process of
investing capital raised from our stock offerings in October 2012
into another grocery-anchored income producing property. Coupled
with other holdings in nearby Bergen County, including our recent
investment in the Chestnut Ridge Shopping Center in Montvale, New
Jersey, northern New Jersey is proving to be a high performance
market for us.” James Aries, Director of Acquisitions at Urstadt
Biddle Properties Inc. adds, “We’re thrilled to add another trophy
grocery-anchored center to our core portfolio. This is no accident.
Sellers have faith in our ability to close quickly and without
complication. We already have several exciting leasing leads on the
few vacancies at Village Shopping Center and look forward to
establishing a greater presence in this marketplace.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
64 properties containing approximately 5.1 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 174 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividends to its shareholders for the last 19
years.
For additional information, please contact Willing L. Biddle,
COO, 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/20130502006726/en/
Urstadt Biddle Properties (NYSE:UBA)
Historical Stock Chart
From Sep 2024 to Oct 2024
Urstadt Biddle Properties (NYSE:UBA)
Historical Stock Chart
From Oct 2023 to Oct 2024