Urstadt Biddle Properties Inc. Announces Investment in New DownReit Entity to Own the Orangetown Shopping Center, Orangeburg,...
March 28 2012 - 5:00PM
Business Wire
Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP)
announced today that it has acquired an interest in a newly formed
limited liability company (“LLC”) that will own and operate the
Orangetown Shopping Center (“Orangetown”) in Orangeburg, New York.
UBP is the sole managing member of the newly formed LLC. The
property was contributed to the LLC by the existing owners of
Orangetown. UBP will be the manager and leasing agent for the
property.
Orangetown is a 75,000 square foot shopping center anchored by a
12,400 square foot CVS. Orangeburg is a hamlet in the town of
Orangetown, Rockland County, New York. It is located north of
Tappan, south of Blauvelt, east of Pearl River, and west of
Piermont. The shopping center, which is 96% occupied, is leased to
CVS and other regional tenants including Orange Farm Market,
Allstate, Dunkin Donuts, Palisades Federal Savings Bank, Subway,
Planet Wings and Twins India Palace.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are excited to have added our first shopping center in
Rockland County, New York. This investment will be the platform for
UBP to expand its footprint in Rockland County, one of the few high
demographic counties surrounding New York City in which the Company
had not been previously been invested. We believe the shopping
center has upside that can be realized with modest additional
investment over the next few years. We expect that this additional
investment will improve the tenant base and operating results.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
54 properties containing approximately 4.9 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 168 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 18
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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