GREENWICH, Conn.--(BUSINESS WIRE)--
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired the Waldwick Plaza Shopping Center in Waldwick, NJ. Waldwick Plaza is a 26,500 square foot shopping center, whose tenants include a U.S. Post Office, Supercuts, Verizon, Massage Envy, The Little Gym, and local tenants such as a liquor store, dry cleaner, nail salon, and Italian restaurant.
Waldwick Plaza is located at the traffic-lighted intersection of Franklin Turnpike and Wyckoff Avenue, the most prominent retail location in the town of Waldwick. The property is 2/10ths of a mile from UBP’s Rite Aid Plaza, also on Franklin Turnpike in Waldwick, which affords UBP the benefit of economies of scale for management. Daily traffic counts in front of the center are roughly 23,500. Waldwick is a highly desirable Bergen County town that is a 30 minute drive to Manhattan. Demographically, 80,000 people live within 3 miles of the subject property earning a median household income of $126,000 per year.
Willing Biddle, President and CEO of Urstadt Biddle Properties Inc. said, “Waldwick Plaza is a solid neighborhood property at a great location in a great community that is leased to internet-resistant tenants and is just down the street from another property we own. The property is fully leased and has a long history of high occupancy. We plan to replace the roof, and make other repairs to the property to enhance its value. It will be a solid long-term investment for our company.” Zach Fox, Vice President of Acquisitions added, “This was another very smooth off-market transaction and we’re pleased to continue to grow our footprint in Bergen County and the greater Northern New Jersey trade area.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 81 properties containing approximately 5.0 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 190 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.
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