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.”
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.