Urstadt Biddle Properties Inc. Announces the Sale of Its Stratfield Market Property Located in Fairfield, CT
August 01 2017 - 4:24PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real
estate investment trust, announced today that yesterday it
completed the sale of its 12,900 square foot Stratfield Market
property located in Fairfield, CT (“Stratfield”). The property was
sold to a local real estate development group for an all cash price
of $1.2 million. Stratfield had been leased to Walgreens, and in
connection with this sale the Company executed a lease termination
pursuant to which Walgreens’ existing lease was terminated in
exchange for a cash payment to the Company. Stratfield was
purchased by the Company earlier in fiscal 2017 as part of a larger
transaction in which the Company also acquired an equity interest
in three other retail commercial properties. The sales price
received by UBP coupled with the lease termination consideration
UBP received was in excess of UBP’s basis in the property. The
Company expects to invest the net proceeds from the sale and lease
termination payment into retail properties located in its primary
investment marketplace over the balance of fiscal 2017.
Commenting on the sale, Willing L. Biddle, UBP’s President and
Chief Executive Officer said, “We are pleased to have disposed of
this unoccupied property at a net profit to the Company and for the
benefit of the Stratfield community, by identifying a buyer who is
committed to renovating the property as a neighborhood food store.
We were required to purchase the unoccupied property as part of a
larger transaction earlier this year. The property was the former
home of the beloved Stratfield Supermarket for over 30 years. It
was leased in 2006 to Walgreens but sat vacant for eight years due
to the community’s opposition to Walgreens. It was not a desirable
situation for either Walgreens or the landlord. We were able to
identify a buyer who intends to use the property for the sale of
food, which is what the community wants, and we were further able
to negotiate an early lease termination with Walgreens to make the
transaction possible. Dylan O’Conner and James McCusker of the
Stratfield Village Association, along with Michael Tetreau, the
First Selectman of the Town of Fairfield, and the Town of
Fairfield’s Department of Planning and Zoning were instrumental in
facilitating this win-win-win solution for UBP, Walgreens and the
Stratfield Village Association.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
80 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 190 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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version on businesswire.com: http://www.businesswire.com/news/home/20170801006709/en/
Urstadt Biddle Properties, Inc.Willing Biddle, President and
CEOJohn T. Hayes, CFO203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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