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
T. Hayes, CFO