GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired for $7,100,000, the Van Houten Farms Shopping Center in Passaic, NJ. Van Houten Farms is a 36,500 square foot shopping center, whose tenants include a 30,569 square foot Gala Fresh Supermarket, Valley National Bank, a local Italian restaurant and a stationery store. The purchase was funded with available cash and the assumption of a first mortgage secured by the property in the amount of $3.5 million, which bears interest at the rate of 4.64%.
The Van Houten Farms Shopping Center occupies roughly an entire block front on Van Houten Avenue, with two points of ingress/egress on each side of the center. Parking is abundant with 134 spaces, a ratio of 4.2:1,000 SF. There is an old, but well occupied, industrial area behind the property that adds foot traffic to the shopping center.
Willing Biddle, President and CEO of Urstadt Biddle Properties Inc. said, “We are pleased to add this stable, grocery-anchored shopping center to our portfolio. Our long-term plan is to enhance the appearance of the center by potentially adding a drive-thru for Valley National Bank and purchasing a small two-story building on the corner of the property to erect a retail pad. The grocer is nearing completion of an interior renovation and is considering a façade renovation in conjunction with the landlord’s renovation plan.” Zach Fox, Vice President of Acquisitions added, “This deal speaks to our ability to uncover value in every corner of our primary marketplace. Simply put, we have an experienced grocer that is appropriately sized, paying below market rent in one of the densest markets in northern New Jersey, compounded by the fact that it was an off-market transaction at a great price.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 76 properties containing approximately 4.9 million square feet of space. Listed on the New York Stock Exchange since 1970, it provides investors with a means of participating in ownership of income-producing properties. It has paid 188 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 23 consecutive years.
For additional information, please contact Willing L. Biddle, CEO, John Hayes, CFO, or James Aries, SVP or Zach Fox, VP Urstadt Biddle Properties Inc. at 203-863-8200.
This press release contains statements that constitute “forward-looking statements.” These statements are made pursuant to the safe harbor provisions 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 Urstadt Biddle Properties Inc. 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. undertakes no obligation to update these statements for revisions or changes after the date of this release.