Member access

4-Traders Homepage  >  News

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
Recommend:
0

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
203-863-8200


© Business Wire 2013
Recommend :
0
React to this article
Latest news
Date Title
<1m ago SAMUDERA SHIPPING LINE : Change - Announcement Of Cessation Of Non-Executive And Independent Director
<1m ago NOKIA : CEO Suri says has strong momentum in Europe sales
<1m ago W W GRAINGER : Patent Issued for System and Method for Directing a Customer to Additional Purchasing Opportunities
<1m ago MICROSOFT : Patent Issued for System and Method for Dynamically Generating a Selectable Search Extension
<1m ago XEROX : Patent Issued for System and Method for Imaging and Evaluating Printing Parameters in an Aqueous Inkjet Printer
<1m ago BUSINESS MACHINES : Patent Issued for System and Method for Executing Temporary Processing Agents
<1m ago GOOGLE 'C' : Patent Issued for System and Method for Determining Power Consumption
<1m ago GOOGLE 'C' : Patent Issued for System and Method for Encoding Video Using Variable Loop Filter
<1m ago SAP : Patent Issued for System and Method for Communication between Portal Applications and Portlet Containers
<1m ago NVIDIA : Patent Issued for System and Method for Maintaining Cache Coherency across a Serial Interface Bus Using a Snoop Request and Complete Message
Latest news
Advertisement
Hot News 
BYOTROL : Grant of Options 24th Jul 2014
CEGEREAL : French Core Office REIT: First-half 2014 - EPRA earnings up 32.5%
NASSTAR : Acquisition of Kamanchi Limited
RTC : 2014 RTC Group Plc Interim Results Statement 24/7/2014
SAGENTIA : *numis cuts sagentia group price target to 150 (180) pence - 'add'
Most Read News
1d ago FACEBOOK : beats Wall Street targets, stock hits record high
1d ago QUALCOMM : struggles to collect royalties in China, stock falls
1d ago BOMBARDIER : to cut 1,800 jobs, aerospace head retires
1d ago NOVO NORDISK A/S : New Colitis Study Results from Novo Nordisk Described (Predictive validity and immune cell involvement in the pathogenesis of piroxicam-accelerated...
1d ago MCDONALD : Meat supplier in China food scandal grew with McDonald's
Most recommended articles
7d agoDJU.S. Industrial Production-Historical
1m ago ECB's Mersch says sees revival of money markets - media
1m agoDJLONDON MARKETS : Kingfisher Leads Losers In London After Trading Update
2m agoDJEUROPE MARKETS : European Stocks Erase Losses After Strong PMIs
3m agoDJWPP : Kantar Invests in ZappiStore; No Financial Details Disclosed
Dynamic quotes  
ON
| OFF