Urstadt Biddle Properties Inc. UBA announced today that it has
completed the purchase of the Bernards Square Medical Office Building in
Bernardsville, NJ and the Clockwork Childcare Center in Chester, NJ for a
combined purchase price of $6.45 million, excluding closing costs. Both
properties were purchased free and clear of mortgages. The $6.45 million
acquisition was funded with proceeds from the Company's recently completed
stock offerings. The Bernards Square Medical Office Building, located in
affluent Bernardsville, New Jersey, in the County of Somerset contains 14,592
square feet of leasable space. The building is 76% leased primarily to doctors
and other professionals. The Clockwork Child Care Center located in the
affluent community of Chester, NJ, in the County of Morris contains a 9,120
square foot free standing child care facility net leased to a provider that
has multiple locations in and around New York, New Jersey and Connecticut. The
purchase of these two properties was part of a portfolio of three properties
owned by a local family. The remaining property is a grocery anchored shopping
center in the Company's core market place. The closing of the shopping center
property is expected within ninety days. The two phased closing was due to the
need for lender approval of the transfer of the shopping center property.
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