Urstadt Biddle Properties Inc. Acquires Two Properties in Greenwich, Connecticut
September 02 2014 - 3:22PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) announced
today that it has acquired two properties totaling 89,000 square
feet in Greenwich, CT.
King's Shopping Center
The first property is a three story 48,000 square foot mixed use
property located on the Boston Post Road (Route 1) in the Cos Cob
section of Greenwich, CT. The property is anchored by a 15,600
square foot CVS Pharmacy and other retail tenants including
Robek’s, Domino’s Pizza and Member’s Credit Union. The property
also contains second floor offices and third floor apartments. The
property was built in 1986 and originally was occupied by the well
know Porricelli’s Market before a conversion to CVS in 2008. The
property is currently 97% occupied and is well protected from new
competition due to the high barriers to entry and the lack of
developable land in Greenwich.
The second property is a group of contiguous two-story mixed use
properties located at the intersection of Sound Beach Avenue and
Arcadia Road containing 41,000 square feet. It comprises almost a
square block in the Old Greenwich section of Greenwich and is
adjacent to the Old Greenwich train station. The property is
anchored by a newly renovated 18,200 square foot King’s
Supermarket, which replaced another Porricelli’s Market in 2013.
This is the only grocery store south of Route 1 in Old Greenwich
and has been a commercial hub serving this affluent submarket for
over 50 years. King’s is owned by the private equity firm, Angelo,
Gordon & Co., which also owns the Balducci’s chain. In addition
to the supermarket building, the block consists of a series of
retail properties and a free-standing building leased to the U.S.
Post Office. Tenants include Dunkin’ Donuts, Panache Salon,
Chillybear, a delicatessen, dry cleaner, and additional second
floor professional office tenants. The block contains fifty (50)
dedicated parking spaces and benefits from its ideal location
adjacent to the Old Greenwich Metro-North train station which adds
additional municipal parking and steady commuter traffic flow.
Willing Biddle, President and CEO of Urstadt Biddle Properties
Inc., said, “We are pleased that in addition to the Chimblo retail
portfolio we purchased last year, our acquisition program has again
found us multiple retail properties in our own backyard of
Greenwich, Connecticut. The acquisition of these properties helps
to further one of our company goals of investing in high quality
grocery or drugstore anchored shopping centers in the suburban
areas surrounding New York City." James Aries, Director of
Acquisitions at Urstadt Biddle Properties Inc. adds, “This
portfolio of properties has been on our radar for some time and we
are thrilled to finally own them. These properties have been owned
by the same family for decades and selling them was a bittersweet
event for them. Fortunately, the local family had faith in our
ability to close quickly and without complication, in addition to
sharing common ownership philosophies, which we believe factored
significantly in their choosing to sell to Urstadt Biddle
Properties.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
69 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 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.
For additional information, please contact Willing L. Biddle,
CEO, John Hayes, CFO, or James Aries, SVP, Urstadt Biddle
Properties Inc. at 203-863-8200. Follow us on Twitter at
https://twitter.com/UrstadtBiddle.
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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Urstadt Biddle Properties Inc.Willing L. Biddle, CEO,
203-863-8200orJohn T. Hayes, CFO, 203-863-8200orJames Aries, SVP,
203-863-8200
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