Urstadt Biddle Properties Buys Two Properties in New Jersey
Urstadt Biddle Properties Inc. (NYSE: UBA) 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.
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