Urstadt Biddle Properties Inc. Announces Acquisition of a 51% Equity Interest in a Joint Venture That Owns the McLean Plaza S...
October 10 2014 - 3:24PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that a wholly-owned subsidiary had completed the purchase of
a 51% equity interest in a joint venture that owns the McLean Plaza
Shopping Center in Yonkers, Westchester County, New York for an
investment of $7.8 million. The purchase price was subject to the
company assuming its share of a $2.78 million first mortgage
payable that encumbers the shopping center. The loan bears interest
at the rate of 4.0% per annum and matures in December 2014. The
company purchased its 51% interest from an affiliate of The Great
Atlantic & Pacific Tea Company (A&P), which is an existing
tenant in the shopping center. In conjunction with the purchase,
A&P modified its lease and extended the initial term until
2034. The remaining 49% of the joint venture continues to be owned
by entities owned by the two real estate families that originally
developed the shopping center with A&P. The Company funded the
acquisition with available cash and a borrowing on its unsecured
revolving credit facility. The shopping center is located on McLean
Avenue, in Yonkers, New York at the intersection with the Major
Deegan Expressway (Interstate 87). The shopping center was built in
1982 and contains 57,000 square feet of leasable space anchored by
a 35,000 square foot A&P Supermarket. Other tenants in the
shopping center include Duane Reade pharmacy (a subsidiary of
Walgreen’s), an E-Z Pass Service Center, Dunkin Donuts and
Ridgewood Savings Bank. Over 500,000 people live within three miles
of the shopping center.
McLean Plaza in Yonkers, NY (Photo:
Business Wire)
Willing Biddle, CEO of Urstadt Biddle Properties Inc. stated,
“We very are pleased to have purchased an interest in this solid
neighborhood shopping center. It has everything we look for in a
shopping center: a supermarket, a pharmacy, an excellent location
and very high population density in the surrounding community. It
will be a solid performer for UBP for many years to come.” James
Aries, Director of Acquisitions stated, “We are pleased to have
completed this sale-leaseback with A&P. Our long-standing
relationships with A&P and the original developers helped us
complete the transaction. In addition to the acquisition, we have
agreed to fund a complete renovation of the supermarket which will
make the property even stronger”.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
69 properties containing approximately 4.8 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 179 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 20
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.
Photos/Multimedia Gallery Available:
http://www.businesswire.com/multimedia/home/20141010005673/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, President and
CEO;John T. Hayes, CFO orJames Aries, Director of
Acquisitions203-863-8200
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