MONTVALE, NJ-Urstadt Biddle Properties, a REIT investor that has gone into acquisition mode lately, acquired a 50% tenant-in-common interest in two shopping centers, one in Bergen County, and the other in neighboring Rockland County, NY, it announced Monday.
The Chestnut Ridge Shopping Center in Montvale and the Plaza 59 Shopping Center in Spring Valley, NY, traded for a total cash price of $18.2 million. The acquisition was funded with proceeds from the company’s October stock sales.
“Urstadt Biddle Properties hopes to continue this acquisition momentum with the purchase of additional shopping centers in the very near future,” said Willing Biddle, president of the company.
Chestnut Ridge Center, located on Chestnut Ridge Road, is a 90,630-square-foot property that is 95% leased. Anchored by a Fresh Market supermarket, it also has a health club, a Chase Bank, and a number of local businesses as tenants. Biddle said the grocery-anchored Chestnut Ridge Shopping Center adds another “trophy grocery-anchored center” to company’s core portfolio.
Chestnut Ridge Road, one of the major north/south arteries running parallel to the Garden State Parkway, is home to a number of office buildings, whose tenants frequent the shopping center, Biddle noted. The surrounding area includes affluent towns such as Woodcliff Lake, Ramsey, and Upper Saddle River.
The Spring Valley center, located on Route 59, contains 25,500 square feet that is 94% leased to local tenants including a butcher shop, a Chinese restaurant, and a dollar store. “The center provides many of the day-to-day staple products that the surrounding community needs,” Biddle said.
Urstadt Biddle Properties is a self-administered REIT, which owns or has equity interests in 56 properties holding 5 million square feet. It has paid 172 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised dividends in each of the last 19 years, the company said in its Monday announcement.