Urstadt Biddle Properties Inc. Announces Acquisition of the Fairfield Plaza Shopping Center in New Milford, Connecticut
April 18 2011 - 5:06PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA) (NYSE:UBP) announced
that its subsidiary has completed the purchase of Fairfield Plaza
Shopping Center in New Milford, Connecticut for a purchase price of
$10.84 million, excluding closing costs. In connection with the
purchase, the Company assumed a first mortgage in the approximate
amount of $5.0 million at an interest rate of 5% per annum. The
mortgage matures in 2015. The center, located on Route 7 (Danbury
Road) was built in 2003 and contains over 72,000 square feet of
leasable space. It is anchored by a 20,400 sf Staples and a 25,300
sf TJ Maxx. The center also contains national and regional
retailers such as Edible Arrangements, Olympia Sports, Quiznos,
Sherwin Williams and Sleepy’s, which serve the needs of the
surrounding community.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are pleased to announce our first acquisition of 2011 and
hope to continue the acquisition momentum we created in fiscal 2010
when we acquired interests in four grocery-anchored properties in
our core marketplace. Fairfield Plaza is well located on Route 7 in
New Milford, CT and has a strong tenant roster including Staples
and TJ Maxx. Along with our prior acquisitions of nearby New
Milford Plaza and Veteran’s Plaza, the addition of the Fairfield
Plaza property gives the Company an additional presence in New
Milford, CT with economies of scale that help create a competitive
leasing advantage.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
51 properties containing approximately 4.7 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 166 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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