Urstadt Biddle Properties Inc. Announces Acquisition of The Harrison Shopping Center; Harrison, NY
August 05 2015 - 3:49PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has purchased The Harrison Shopping Center in
Harrison, New York.
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The Harrison Shopping Center is located on Halstead Avenue in
the affluent community of Harrison, New York (Westchester County).
The 25,000 square foot shopping center is anchored by an A&P
Fresh Supermarket which will most likely be replaced by a prominent
grocer, subject to bankruptcy court approval. Other long-term
tenants in the shopping center include a bakery, a hair salon, a
florist, restaurants and AT&T. The shopping center was built in
1957 by the selling family and has been a mainstay in downtown
Harrison for generations.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are very pleased that we continue to acquire
grocery-anchored shopping centers in the metro-NY market in a
challenging acquisitions environment. Harrison is an important
commuter town and we now own the best position in town, directly
across from the Metro-NY train station with express service to
Manhattan.” James Aries, Director of Acquisitions at Urstadt Biddle
Properties Inc. adds, “Our long-standing relationship with the
selling family which began in a management role, enabled us to
close on this acquisition quickly and quietly which was critical to
the selling family. Harrison is less than 10 miles from our home
office in Greenwich, CT and we look forward to making improvements
to the center which will largely be driven by the replacement
grocer.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
74 properties containing approximately 5.2 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 182 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividends to its shareholders for the last 21
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.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20150805006590/en/
Urstadt Biddle Properties Inc.Willing L. Biddle,
203-863-8200CEOorJohn T. Hayes, 203-863-8200CFOorJames Aries,
203-863-8200SVP
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