Log in
Lost password
Become a member for free
Sign up
Sign up
Dynamic quotes 

4-Traders Homepage  >  News


Latest NewsCompaniesMarketsEconomy & ForexCommoditiesHot NewsMost Read NewsRecomm.Business LeadersVideosCalendar 

URSTADT BIDDLE NPV : Urstadt Biddle Properties Inc. Announces Acquisition of Two Properties of a Three Property Portfolio in New Jersey

01/04/2013 | 04:30pm US/Eastern

Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has completed the purchase of the Bernards Square Medical Office Building in Bernardsville, NJ and the Clockwork Childcare Center in Chester, NJ for a combined purchase price of $6.45 million, excluding closing costs. Both properties were purchased free and clear of mortgages. The $6.45 million acquisition was funded with proceeds from the Company's recently completed stock offerings. The Bernards Square Medical Office Building, located in affluent Bernardsville, New Jersey, in the County of Somerset contains 14,592 square feet of leasable space. The building is 76% leased primarily to doctors and other professionals. The Clockwork Child Care Center located in the affluent community of Chester, NJ, in the County of Morris contains a 9,120 square foot free standing child care facility net leased to a provider that has multiple locations in and around New York, New Jersey and Connecticut. The purchase of these two properties was part of a portfolio of three properties owned by a local family. The remaining property is a grocery anchored shopping center in the Company's core market place. The closing of the shopping center property is expected within ninety days. The two phased closing was due to the need for lender approval of the transfer of the shopping center property.

Willing Biddle, President of Urstadt Biddle Properties Inc said, "We are very pleased to continue the process of investing the capital we recently raised in Class A Common stock and preferred stock offerings into income producing properties. The Company was able to purchase two stable properties at attractive cap rates and expects to acquire another grocery anchored shopping center in our core marketplace in the near future. 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."

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 58 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.

Urstadt Biddle Properties Inc.
Willing L. Biddle, President or
John T. Hayes, CFO

© Business Wire 2013
React to this article
Latest news
Date Title
11/28 BLUE BIRD : begins to rebuild fire-ravaged facility
11/28 SYNOVUS FINANCIAL : names Santosh Kokate its chief technology officer, Amyn Tajani its chief digital officer
11/28 ECB easing, U.S. jobs data in focus
11/28 WAL MART STORES : Alternative treatment
11/28DJIMF Expected to Name China's Yuan a Reserve Currency
11/28 MANCHESTER UNITED : Sporting events, on the air for Saturday, November 28
11/28 REED : Strong running game, interception return carry Gorman past Reed
11/28 GNRALSTOREINTNPV : Lack of power didn't stop The General Store
11/28 MASSROOTS : Former Virginia Beach GOP campaign operative building country's largest marijuana social network
11/28 Shops2Apps Launches New Service to Transfer Sites and Stores into Native Mobile Apps
Latest news
Hot News 
OPPORTUNITY INVEST MGMT : 27 november 2015 - Announcement AGM on 22 december 2015
ATLANTIS RESOURCES : Tidal generating firm announces long partnership for investment by Gordon Calder
CYTOTOOLS : berichtet über Ergebnisse der europäischen klinischen Studie Phase III: Resultate der Behandlung des diabetischen Fußes mit DermaPro(R) bestätigen nicht die Ergebnisse der vorangegangenen Studien (DGAP News)
EUROPA OIL & GAS : Environment Agency asked to look at Leith Hill drilling firm's finances before giving permit
IMAGINATION TECHNOLOGIES : Sir Hossein Yassaie receives 2015 Lifetime Achievement Award in annual Elektra European Electronics Industry Award...
Most Read News
11/28 SES TLMACE A S : Project of Three Boilers Denitrification in Žilina Successfully Finished
11/28 Shops2Apps Launches New Service to Transfer Sites and Stores into Native Mobile Apps
11/28 WAL MART STORES : Subdued local Black Friday crowd makes for enjoyable shopping experience
11/28 FAIRFAX MEDIA : Labor chides $600,000 contract for new part-time windfarm commissioner
11/28 PURE WAFER : RNS - Prescott Disposal
Most recommended articles
11/28 ECB easing, U.S. jobs data in focus
11/28DJIMF Expected to Name China's Yuan a Reserve Currency
11/28 BoE's Vlieghe says 'relaxed' about waiting to hike rates
11/28 China's shadow banking risk shifts to booming bond market
11/28DJFAA to Propose Safety Fixes for Certain Boeing and Embraer Jets