Business & Finance

Village Shopping Center in New Providence Sold to Urstadt Biddle Properties Inc.

a416e51f721b5e1bb133_villageshop.jpg
Credits: Business Wire
a416e51f721b5e1bb133_villageshop.jpg

NEW PROVIDENCE, NJ - In what could be a big boost for downtown New Providence, the Village Shopping Center has been sold.

Today, Urstadt Biddle Properties Inc. (NYSE:  UBA and UBP) announced it has acquired The Village Shopping Center in New Providence, NJ for $34,850,000. The property was purchased subject to an existing mortgage in the amount of $18,980,000 that requires payments of principal and interest at a fixed rate of 5.6803% per annum. The mortgage matures in January 2022.  On Jan. 4, 2013, Urstadt Biddle Properties Inc. had announced it completed the purchase of the Bernards Square Medical Office Building in Bernardsville and the Clockwork Childcare Center in Chester, both of which are owned by Paragano, who owns the Village Shopping Center, as well.

Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are very pleased that we have continued the process of investing capital raised from our stock offerings in October 2012 into another grocery-anchored income producing property. Coupled with other holdings in nearby Bergen County, including our recent investment in the Chestnut Ridge Shopping Center in Montvale, New Jersey, northern New Jersey is proving to be a high performance market for us.” James Aries, Director of Acquisitions at Urstadt Biddle Properties Inc. added, “We’re thrilled to add another trophy grocery-anchored center to our core portfolio. This is no accident. Sellers have faith in our ability to close quickly and without complication. We already have several exciting leasing leads on the few vacancies at Village Shopping Center and look forward to establishing a greater presence in this marketplace.”

Sign Up for E-News

Jimmy Vardas, President of the New Providence Downtown Improvement District and owner of the Prestige Diner, told TheAlternativePress.com, "I would like to congratulate the new owners on their purchase and welcome them in the great business community of New Providence."

Councilman Gary Kapner added, "The sale of the Village Shopping Center to Urstadt Biddle Properties Inc is a positive step in the revitalization of our downtown.  UBP is a publicly traded company, in the business of buying existing shopping centers and improving them. I’m looking forward to seeing their plans for the Village Shopping Center, as well as a sharp reduction in the vacancy rate. Welcome to New Providence."

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust, which owns or has equity interests in 64 properties containing approximately 5.1 million square feet of space. Listed on the New York Stock Exchange since 1969, it provides investors with a means of participating in ownership of income-producing properties. It has paid 174 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised its dividends to its shareholders for the last 19 years.

 

TAP Into Another Town's News:

Sign Up for E-News

New Providence

The Ducks Are Here

May 22, 2018

BERKELEY HEIGHTS, NJ – Just arrived. Over four thousand little yellow rubber duckies, ready to swim their little webbed feet off for their adoptive “parents.”

Ducky adoption tickets are just $5 each and available throughout Berkeley Heights oAm Bagel, 7-Eleven, Stop n/ Shop, and out front of our town post office to find and adopt as many duckies as you’d like.

Field Hockey Is On the Rise in Berkeley Heights and Mountainside; Fall Registration Open

BERKELEY HEIGHTS, NJ - The Berkeley Heights PAL has opened registration for Fall 5/6 and 7/8 travel field hockey teams, as well as a second through fourth grade Fall clinic and a Summer clinic for current second through eighth graders.   Visit the PAL website, www.bhpal.org, to register. Please indicate if you need to borrow a stick.

The PAL Field Hockey program ...

Congressman Lance To Hold Annual Service Academy Information Fair

FLEMINGTON, NJ – Congressman Leonard Lance, U.S. Representative for New Jersey’s 7th Congressional District, announced he will hold his annual Service Academy Information Fair for high school students.

"I look forward to the Service Academy Information Fair every year and meeting the talented and poised young leaders from our district,” said Congressman Lance.

The ...

How the Holi Color Festival Came to Summit; Event Planner Shares Her Story

May 21, 2018

Back in India, Holi was a holiday observed by almost all states. The holiday would be declared at all educational institutes and offices. It's a two day spring festival also known as the festival of colors. The festival signifies the victory of good over bad, the arrival of spring with the fragrance of flowers in the air and aura of warmth and happiness.

Holi festival is the time ...

Fallout Continues from Lawsuit Against Mountainside; Police Chief on Administrative Leave

May 19, 2018

MOUNTAINSIDE, NJ – Police Chief Allan Attanasio is the latest member of the police department to suffer repercussions from a complaint filed against the borough on May 11.  Attanasio, who is not named as a defendant in the lawsuit, was “placed on administrative leave,” on Thursday by Borough Administrator and former Police Chief James Debbie, said  Lt. Joseph ...

Video Shows School Board Member In Altercation With Police at Traffic Stop in South Orange

May 16, 2018

SOUTH ORANGE, NJ - South Orange Maplewood School Board Member Stephanie Lawson-Muhammad got into an altercation with a South Orange police officer who stopped her for speeding last month, in which she used profanity, complained when she was issued a ticket and called South Orange Police Chief Kyle Kroll “a skinhead cop.”

Lawson-Muhammad also appeared to suggest that she would ...

Coach Bottone Tribute

May 19, 2018

2017 Pioneer football players took on a tall task of filling a lot of open spots with not many returning players. We had 30 kids on our football team who all wanted to be there. With a new head coach who just came on board in late April, we had a lot of things to do without much time. Most people would say being on a 1-9 football team would be no fun and, at times, it wasn’t, but it was the ...

Upcoming Events

Carousel_image_7f6c107703df2d416aa6_barre_intesity

Wed, May 23, 8:00 AM

Providence Health and Fitness , New Providence

Barre Intensity

Health & Wellness

Carousel_image_9b6d72bb10d15de52ffa_pilates-mat-pic

Wed, May 23, 8:00 AM

Providence Health and Fitness, New Providence

Mat Pilates

Health & Wellness

Carousel_image_c64d737a46240c5e09c6_lean_technique_woman

Wed, May 23, 9:00 AM

Providence Health and Fitness, New Providence

Lean, Cardio, Strength, Tone and Stretch

Health & Wellness

Carousel_image_a4801a3d56342db1596a_pilates_reformer

Wed, May 23, 10:00 AM

Providence Health and Fitness, New Providence

Pilates Reformer

Health & Wellness

Carousel_image_c2872dd7b6bba99b4cf7_ducky_drop

Wed, May 23, 12:00 PM

Passaic River Park, Berkeley Heights

The Ducks Are Here

Arts & Entertainment Giving Back

Carousel_image_d3114c224cbfa47c81e0_restorative-yoga

Wed, May 23, 7:00 PM

Providence Health and Fitness, New Providence

Restorative Yoga

Health & Wellness