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.”
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