Urstadt Biddle Properties acquires Plaza 59 Shopping Center 25,500 s/f located on Rte. 59 in Rockland County

Urstadt Biddle Properties Inc. completed the purchase of a 50% tenant-in-common interest in the Chestnut Ridge Shopping Center in Montvale, NJ and Plaza 59 Shopping Center for a combined purchase price of $18.2 million, excluding closing costs. The $18.2 million acquisition was funded with proceeds from the Company's recently completed stock offerings. The Chestnut Ridge Center is located on Chestnut Ridge Road in the affluent town of Montvale, NJ in Bergen County and contains 90,630 s/f of leasable space. The Spring Valley Center, located on Route 59 in Rockland County, contains 25,500 s/f of leasable space. The shopping center is 94% leased to local tenants that include a butcher shop, Chinese restaurant, and a dollar store. Willing Biddle, president of Urstadt Biddle Properties Inc. said, "We are very pleased that we have begun the process of investing the capital we raised in our recently completed Class A common stock and preferred stock offerings into income-producing retail properties...The Spring Valley Center is located on the heavily traveled Route 59 in Spring Valley, NY and provides many of the day-to-day staple products that the surrounding community needs." Biddle said, "Urstadt Biddle Properties hopes to continue this acquisition momentum with the purchase of additional shopping centers in the very near future, which will allow the company to invest the remaining capital recently raised with the stock offerings in October 2012."