Urstadt Biddle Properties Inc. Acquires Pershing Square Shopping Center in Derby, CT
January 13 2017 - 3:43PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired for $9,000,000, the Pershing Square
Shopping Center in Derby, CT. Pershing Square is a 38,750 square
foot shopping center, whose tenants include a 17,100 square foot
Aldi Grocery Store, Panera Bread, Pet Valu, AT&T and Popeye’s.
The purchase was funded with available cash.
Pershing Square is located in the heart of the retail district
of Derby, CT (lower New Haven County on the boarder of Fairfield
County), which is a densely populated trade area that draws from
Shelton and Ansonia. In the 3-mile area surrounding the property,
there are approximately 55,000 people earning average household
incomes of nearly $80,000 per year. In the 5-mile area, there are
approximately 97,000 people earning average household incomes of
nearly $97,500 per year.
Pershing Square is situated at a signalized intersection on
Pershing Drive with access to State Route 8 – the major north/south
access highway in central Connecticut where over 64,300 vehicles
travel each day. Its location on Pershing Drive is complemented by
over a million square feet of surrounding retail including national
and big box retailers such as Wal-Mart, Lowe’s, Target, Home Depot,
and BJ’s Wholesale Club. Pershing Square shares a signalized
intersection with the 133,310 square foot ShopRite Plaza and shares
a parking lot with Planet Fitness in the adjoining Red Raider
Plaza.
Willing Biddle, President and CEO of Urstadt Biddle Properties
Inc. said, “We are pleased to add Aldi to our list of supermarket
anchors and acquire a property at which a majority of the tenants
built their premises from the ground up, which acts to lower the
risk of the investment.” Zach Fox, Vice President of Acquisitions
added, “This was an opportunity to acquire an off-market, brand new
construction anchored by Aldi, one of the strongest credit tenants
in the world. The remainder of the tenants are national brands with
safe, long-term leases.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
76 properties containing approximately 5.0 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 187 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 23
consecutive years.
For additional information, please contact Willing L. Biddle,
CEO, John Hayes, CFO, or James Aries, SVP or Zach Fox, VP Urstadt
Biddle Properties Inc. at 203-863-8200.
This press release contains statements that constitute
“forward-looking statements.” These statements are made pursuant to
the safe harbor provisions 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 Urstadt Biddle
Properties Inc. 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. Urstadt Biddle Properties Inc. undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
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version on businesswire.com: http://www.businesswire.com/news/home/20170113005735/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, CEO,John T.
Hayes, CFO orJames Aries, SVPZach Fox, VP(203) 863-8200
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