Urstadt Biddle Properties Inc. Announces Acquisition of Tanglewood Shopping Center Located in Yonkers, NY
April 03 2018 - 3:15PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired Tanglewood Shopping Center, located in
Yonkers, NY (“Tanglewood”). Tanglewood is a 27,000 square foot
shopping center consisting of two retail buildings. The primary
building, which fronts Central Park Avenue, consists of
approximately 22,300 square feet and is anchored by a new AutoZone.
Other tenants in the primary building include Dunkin’ Donuts,
WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a
stationery store and a hair salon. The secondary building consists
of approximately 4,700 SF and is tenanted by CKO Kickboxing (a 70+
unit chain), a nail salon and a market. The property is currently
100% leased.
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Tanglewood was built in 1954 and expanded in 2005 when the prior
owners acquired the adjacent shopping center (formerly known as the
Crisfield Shopping Center) and integrated that property with
Tanglewood. The property is located at the important,
traffic-lighted intersection of Central Park Avenue and Crisfield
Street in northeast Yonkers, NY and is situated between UBP’s two
other Central Park Avenue Shopping Centers, the Midway Shopping
Center (Shoprite) to the north and the McLean Plaza Shopping Center
(Acme) to the south. In addition, UBP’s Shoppes at Eastchester
(Acme) and Eastchester Plaza (CVS) are both located within two (2)
miles of the subject property to the immediate east. Approximately
134,500 people live within 3 miles of the subject property earning
an average household income of $154,500. Tanglewood is located
within four miles of four Metro-North train stations with express
service to Manhattan (Crestwood, Tuckahoe, Scarsdale and
Bronxville).
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are pleased to have acquired another high quality
shopping center located in our core marketplace. The property is
located on Central Park Avenue, a major retail corridor of
Westchester County and includes a strong national tenant AutoZone
and other service oriented and food use tenants that we believe
continue to compete very well against e-commerce.” James Aries,
Senior Vice President of Acquisitions, added, “We are thrilled to
have acquired Tanglewood - the culmination of a relationship with
the owners that began over 15 years ago. Tanglewood is one of the
first shopping centers in lower-NY, developed by Len Farber, a
shopping center pioneer and a founding member of the ICSC trade
organization. We are proud to be the recipient of its first and
only trade. The ingress/egress points from Central Park Avenue
along with the surrounding density and the historical occupancy
will provide long-term stability. This complements nicely with
other UBP-owned shopping centers on or just off Central Park Avenue
and in the nearby trade area of, Eastchester. We continue to pursue
shopping centers in suburban New York City with high barriers to
entry.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
83 properties containing approximately 5.1 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 192 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 24
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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Urstadt Biddle Properties Inc.Willing L. Biddle, CEOorJohn T.
Hayes, CFOorJames Aries, SVP, AcquisitionsorZach Fox, VP,
Acquisitions203-863-8200
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