Chestnut Ridge Road, one of the major north/south arteries running parallel to the Garden State Parkway, is home to a number of office buildings, whose tenants frequent the shopping center, Biddle noted. The surrounding area includes affluent towns such as Woodcliff Lake, Ramsey, and Upper Saddle River.

The Spring Valley center, located on Route 59, contains 25,500 square feet that is 94% leased to local tenants including a butcher shop, a Chinese restaurant, and a dollar store. “The center provides many of the day-to-day staple products that the surrounding community needs," Biddle said.

Urstadt Biddle Properties is a self-administered REIT, which owns or has equity interests in 56 properties holding 5 million square feet. It has paid 172 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised dividends in each of the last 19 years, the company said in its Monday announcement.