That was the problem! Thank you. Removed the $find and just put the simple text I was searching for. Correction below.

use strict;

    open (NEW, ">", "FILE_OUTPUT.txt" ) or die "could not open:$!";
    open (FILE, "<", "UBTEST.txt") or die "could not open:$!";

    while (<FILE>) {
    print NEW $_;
        if (/END OF EXPANDED DATA  5010/){
            print NEW "\n";
    }
}
close (FILE);
close (NEW);
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