Urstadt Biddle Properties Inc. Acquires the Newfield Green Shopping Center in Stamford, CT
July 20 2016 - 3:25PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) announced
today that it has acquired for $45,325,000 the Newfield Green
Shopping Center in Stamford, CT. Newfield Green is a 72,000 square
foot shopping center, anchored by a 31,000 square foot Grade A
Market (member of the ShopRite/Wakefern cooperative) and a 14,200
square foot CVS. The property is located in a high demographic,
infill market on Newfield Avenue in Stamford, CT. The center, at
closing was 97% leased. Grade A Market has been in occupancy in the
shopping center since 1979. Other tenants in the shopping center
include J.P Morgan Chase, Excel Urgent Care, M&T Bank, Subway,
Village Gourmet and Riko’s Pizza. The purchase was funded with a
$22.6 million mortgage secured by the property with an affiliate of
Voya Financial Services. The mortgage has a term of 12 years and
requires payments of principal and interest at the fixed rate of
3.89%. The balance of the purchase price was funded by the
company’s revolving credit facility.
Willing Biddle, President and CEO of Urstadt Biddle Properties
Inc. said, “We are pleased to have acquired another A+ grocery
anchored shopping center in our core marketplace. The grocer, Grade
A Market is part of the very successful ShopRite/Wakefern
cooperative, which is one of the nation’s largest retailer-owned
cooperatives and is comprised of 50 member companies who own and
operate retail supermarkets under the ShopRite banner. With retail
locations in six states, the Wakefern cooperative is a major
operator in New Jersey, New York, Connecticut, Pennsylvania,
Delaware and Maryland. Newfield Green is highly visible and easily
accessible along Newfield Avenue. The center’s location is less
than two miles from Stamford’s growing and vibrant Central Business
District. Stamford has emerged as an important economic hub of
Fairfield County and a 24/7 city, highlighted by impressive
apartment growth totaling upwards of 3,600 unit built since 2010
with an additional 5,000 units planned. We are extremely pleased
that we were able to add another property in Stamford which is two
miles from our largest shopping center, Ridgeway, which is the
largest non-mall shopping center in Fairfield County.” James Aries,
Senior Vice President and Director of Acquisitions added, “This
major neighborhood shopping center in Stamford, Connecticut has
been on our radar for a number of years. We are delighted to add
Newfield Green to our portfolio. This is our fifth retail property
in the Greenwich/Stamford market which will give us greater
economies of scale in Stamford CT; located just miles from our home
office in Greenwich. There is also additional upside with a pad
site opportunity along Newfield Avenue.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
74 properties containing approximately 5.0 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 186 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 22
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, CEOorJohn T.
Hayes, CFOorJames Aries, SVP203-863-8200
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