Urstadt Biddle Properties Inc. Announces Acquisition of the Eastchester Plaza Shopping Center in the Town Eastchester, Westch...
December 13 2011 - 3:35PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that its subsidiary had completed the purchase of the
Eastchester Plaza Shopping Center in the Town of Eastchester,
Westchester County, New York. In connection with the purchase, the
Company assumed a first mortgage encumbering the property in the
approximate amount of $3.6 million that bears interest at the rate
of 7.64% per annum. The mortgage matures in April 2012. The
remaining equity needed to complete the acquisition was funded with
available cash. The center, located on White Plains Road (Route 22)
in the Town of Eastchester, was built in 1963 and renovated in 2006
and contains 23,300 square feet of leasable space anchored by a
13,500 CVS.
Willing Biddle, President of Urstadt Biddle Properties Inc said,
“Our latest acquisition, Eastchester Plaza is located on Route 22
in the densely populated and wealthy demographic area of the Town
of Eastchester in Westchester County, NY and is anchored by
national retailer, CVS. We are pleased to have been able to acquire
a quality asset in lower Westchester County, NY. This purchase
follows our acquisition last month of another CVS anchored Center,
Fairfield Centre Shopping Center in the Town of Fairfield, CT. We
are encouraged by the prospects we continue to see for additional
acquisitions in our marketplace and hope the acquisition momentum
will continue in fiscal 2012.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
53 properties containing approximately 4.8 million square feet of
space. Listed on the New York Stock Exchange since 1969, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 167 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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