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.