Urstadt Biddle Properties Inc. Acquires 970 High Ridge Road Shopping Center in Stamford, CT
October 24 2016 - 10:04AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired for $13,300,000, 970 High Ridge Road
Shopping Center in Stamford, CT. 970 High Ridge Road is a 27,000
square foot shopping center, whose tenants include a 6,700 square
foot FedEx Office and also includes a Supercuts, Verizon and two
well-established local restaurants, Luigi’s and Mackenzie’s Sports
Bar and Pub. The property is located in a high demographic, infill
market on High Ridge Road in Stamford, CT, a major north/south
artery road in Stamford. The center, at closing was 100% leased.
The property is immediately surrounded by prominent retailers such
as Trader Joe’s, Mrs. Green’s, Acme Market, CVS, Walgreen’s and
Starbuck’s. The purchase was funded with available cash.
Willing Biddle, President and CEO of Urstadt Biddle Properties
Inc. said, “We are pleased to have acquired another shopping center
in our core marketplace. The center is well located between the
Merritt Parkway and 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 units 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 four
miles from our largest shopping center, Ridgeway, the largest
non-mall shopping center in Stamford, CT.” Zach Fox, Vice President
of Acquisitions added, “High Ridge Road in Stamford is one of the
most sought after retail destinations in the state. Historically,
this area has had a very low vacancy rate. This will be a strong,
low risk investment for UBP for years to come. Owners know we can
close quickly and quietly, and this turned out to be one of our
smoothest transactions to date.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
75 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.
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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version on businesswire.com: http://www.businesswire.com/news/home/20161024005888/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, CEOJohn T.
Hayes, CFOJames Aries, SVPZach Fox, VP203-863-8200
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