NEW JERSEY—Urstadt Biddle Properties Inc., based in Greenwich, Conn., has completed the purchase of the Bernards Square Medical Office Building in Bernardsville, N.J. and the Clockwork Childcare Center in Chester, N.J. for a combined purchase price of $6.45 million. 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.
Located in Somerset County, the Bernards Square Medical Office Building contains 14,592 sq. ft. and is currently 76 percent leased to doctors and other professionals.
The Clockwork Child Care Center, located in Morris County, contains a 9,120-sq.-ft., free-standing child care facility net leased to a provider that has multiple locations in and around New York, New Jersey and Connecticut.
“We are very pleased to continue the process of investing the capital we recently raised in class A common stock and preferred stock offerings into income producing properties,” said Willing Biddle, president of Urstadt Biddle Properties.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust that owns or has equity interests in 58 properties.