Urstadt Biddle Properties Inc. Announces the Sale of Its Westchester Pavilion Property Located in White Plains, NY
March 01 2017 - 4:37PM
Business Wire
Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and
UBP), a real estate investment trust, announced today that it has
completed the sale of its Westchester Pavilion Property located in
White Plains, NY (the “Pavilion”). The purchaser is Maple and
Broadway Holdings, LLC, a subsidiary of Lennar Corporation
(“Lennar”) (NYSE: LEN) through its Lennar Multi-Family Communities,
LLC subsidiary. Lennar is one of the United States’ largest
homebuilders. The current plan is for the property to be razed in
order for Lennar to develop a high-end, mixed-use property
containing residential apartments above retail. The aggregate
payment paid to the Company for the Pavilion was $56.6 million.
Commenting on the sale, Willing L. Biddle, UBP’s President and
Chief Executive Officer said, “We purchased the Pavilion in 2002
and operated it for over 10 years as a successful power center
mall. In 2013, with the expiration of certain large leases pending,
we realized the property had great potential to be redeveloped into
a much larger retail/residential mixed-use project. This dream
could not have become a reality without the cooperation and support
of Mayor Thomas Roach and the White Plains Common Council who
understood our plan and ultimately supported a re-development of
the property to include two high-rise buildings containing over 700
apartments above 75,000 square feet of lower floor retail.
Recognizing that our company is not an expert in large-scale,
high-rise construction, we elected to sell the property to Lennar
Multi-Family Communities, which will follow through on our dream of
building a beautiful, new mixed-use complex that will bring new
life and vitality to the southeast end of White Plains. We know the
site has tremendous potential, and we expect that Lennar’s project
will be a success for the community. The sales price is a
substantial premium over the price that we paid for the property,
and when this premium is combined with the strong annual return we
made operating the property, it is clear that the Pavilion was a
very good investment for our company”.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
75 properties containing approximately 4.8 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 188 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 23
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.
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Urstadt Biddle Properties, Inc.Willing Biddle, President and
CEOJohn T. Hayes, CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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