Urstadt Biddle Properties Inc. Announces Acquisition Of A Fifty Percent Interest In Chestnut Ridge Shopping Center In Montvale, New Jersey And Plaza 59 Shopping Center In Spring Valley, New York
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.”
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