Urstadt Biddle acquires two centers for $29.36 million

Urstadt Biddle Properties Inc. has acquired two shopping centers for $29.36 million. Boonton A&P Center in Boonton, and Bloomfield A&P Center in Bloomfield. The 63,000 s/f Boonton A&P Center was purchased for $18.35 million subject to an existing mortgage in the amount of $7.8 million. The 56,000 s/f Bloomfield A&P Center was purchased for $11.005 million subject to an existing mortgage in the amount of $7.7 million. Willing Biddle, CEO of Urstadt Biddle Properties Inc. said, "We are very pleased that we have continued our expansion into the New Jersey suburbs, which helps fulfill one of our company goals of investing in high-quality, grocery-anchored shopping centers in the suburban areas surrounding New York City. Coupled with other new holdings in nearby Union and Bergen Counties, including our recent investment in the Village Shopping Center in New Providence, New Jersey and the Chestnut Ridge Shopping Center in Montvale, New Jersey, central and northern New Jersey are proving to be high performance markets for us." James Aries, Director of Acquisitions at Urstadt Biddle Properties Inc. adds, "We're thrilled to add another two solid, well-located, grocery-anchored centers to our core portfolio. We believe that the Bloomfield Center has strong leasing upside and Boonton is a solid, 100% leased grocery-anchored shopping center in our core marketplace. Both properties were acquired at a reasonable price. Sellers have faith in our ability to close quickly and without complication."