Urstadt Biddle Properties Inc. Announces Opening of a New 55,000 Square Foot Store by Big Y World Class Market at Its Townlin...
August 25 2011 - 10:04AM
Business Wire
Urstadt Biddle Properties Inc., a real estate investment trust
(NYSE: UBA and UBP) today announced the opening of a new
supermarket anchor, BIG Y World Class Market, in its Townline
Square Shopping Center in Meriden, CT. The tenant will occupy
55,000 square feet of GLA with a lease that extends through 2031.
Big Y and the Company jointly invested over $3 million in the
redevelopment of the tenant site which was formerly occupied by
another grocery store tenant that vacated the shopping center in
2010. The new lease will generate approximately $900,000 in rental
income for the Company during its first year and will help attract
a large number of customers to the shopping center. The Big Y World
Class Market is owned by Big Y Foods, Inc., a full service
supermarket chain owned by the D’Amour family and headquartered in
Springfield, MA. The business was founded in 1936 with the opening
of its first store in Chicopee, MA. Big Y currently owns and
operates 61 supermarkets in the northeast part of the United
States. A Big Y World Class Market is also the anchor tenant at the
Company’s Five Town Plaza Shopping Center in Springfield, MA and
its Veteran’s Plaza Shopping Center in New Milford, CT.
The World Class Market will include a pharmacy, an International
Food Court, a full-service seafood department, cheeses from around
the world, a full bakery and a floral department. About 150
employees will work at the new store. Additionally, the store’s 15
extra-wide grocery aisles carry specialty foods from such areas as
Asia, Europe, Canada, and the Middle East, along with a variety of
cookware in the baking aisle, gluten-free items and an expanded
selection of condiments.
Willing Biddle, President of UBP said, “We are pleased to
announce the opening of this brand new Big Y Foods World Class
Market in Meriden, CT, our third lease with this very strong and
successful grocer. Big Y will enhance our tenant base at this
shopping center and continue the revitalization of the
property.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
51 properties containing approximately 4.7 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 166 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 17
consecutive years.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the Company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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