Urstadt Biddle Properties Inc. Announces Contract to Sell Its Westchester Pavilion Property Located in White Plains, NY
April 06 2015 - 4:11PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and
UBP), a real estate investment trust, announced today that it has
entered into a contract to sell its Westchester Pavilion Property
located in White Plains, NY (“Pavilion”). The purchaser is Maple
and Broadway Holdings, LLC, a wholly-owned subsidiary of Lennar
Corporation through its Lennar Multi-Family Communities, LLC
subsidiary (“Lennar”) (NYSE:LEN). Operating in twenty-one states,
Lennar is one of the country’s largest homebuilders. The Pavilion
is a 190,000 square foot retail shopping center located in White
Plains, New York (Westchester County). In November 2014, the City
of White Plains approved the Company’s request to change the zoning
of the property to allow its development as a mixed-use property
containing residential apartments above ground level retail and
restaurant uses. The contract contains several contingencies that
need to be satisfied in order for the transaction to close, and
there is the possibility it may not close. If all contingencies are
satisfied, the Company expects the transaction to close at the end
of fiscal 2015 or early fiscal 2016.
Commenting on the contract, Willing L. Biddle, UBP’s President
and Chief Executive Officer said, “Our Company has owned the
Pavilion since the 2002. The property was originally a three story
department store that, prior to our ownership, was converted to the
retail shopping center it is today. Over the years, the property
has become less competitive in the market-place. Its current
configuration and condition prompted the Company to explore whether
there might be a higher and better use for the site. About two
years ago, we began the process of petitioning the City of White
Plains for a zoning change to permit the demolition of the
buildings and the construction of a dynamic mixed use development
containing a mixture of apartments and retail/restaurants. The City
of While Plains and in particular Mayor Tom Roach were welcoming
and supportive of our efforts and approved the zone change in
November, 2014. During the approval process we met with several
prestigious development companies to consider as partners in the
development - the plan being that UBP would own the
retail/restaurant portion and our partner would own the residential
portion. As time went by it became more apparent that a better
structure for our Company was an out-right sale of the property to
a more experienced mixed-use developer and that developer was
Lennar. We will continue to work closely with Lennar through the
remainder of the approval process, which includes, among other
things, site plan approval. The Company is in the process of
resolving the remaining contingencies to permit a closing.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
73 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 181 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 21
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.
Urstadt Biddle Properties, Inc.Willing L. Biddle , President and
CEOJohn T. Hayes, CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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