Urstadt Biddle Properties Inc. Announces Acquisition of Lakeview Plaza Shopping Center Located in the Town of Southeast, NY
December 03 2018 - 5:38PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) announced
today that it has acquired, for $12 million, Lakeview Plaza
Shopping Center, located in the Town of Southeast in Putnam County,
NY (“Lakeview”). Lakeview is a 177,000 square foot shopping center
anchored by a 54,000 square foot Acme Supermarket. The property
consists of five buildings on a 23 acre site located on Route 22,
just north of the intersections of Interstates 684 & 84. The
location benefits greatly from the traffic traveling north and
south on Route 22, which has an average daily traffic count of
30,500. Lakeview is currently 73% leased to a diverse mixture of
local, regional and national tenants including Acme Supermarket,
Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank
and Burger King. The property was built between 1972 and 1981, and
renovated in 1999. Parking is excellent with 908 spaces (5.13 cars
/ 1,000 square feet) serving the shopping center, and access to the
property is also excellent, with two signalized points of
ingress/egress along Route 22. The Town of Southeast has two
Metro-North train stations with regular service to New York City’s
Grand Central Station taking approximately 75 minutes. The
population of the Town of Southeast is approximately 18,400, and
other commercial development in Southeast is mainly situated on
Route 22 within close proximity to the property. The nearest
enclosed mall is the Danbury Fair Mall, located in Danbury,
Connecticut, roughly 20 minutes from Lakeview.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are pleased to have acquired another grocery-anchored
shopping center located in our core marketplace. Lakeview Plaza is
strategically located on Route 22 near the confluence of I-684 and
I-84. We were able to acquire this property at a deep discount to
replacement value from a lender who had foreclosed its loan on the
property, and we look forward to using our talents to renovate and
restore the property to the high-quality center it once was. We
have approximately 20,000 square feet of retail space and 20,000
square feet of office space immediately available for lease. All
interested parties or their representatives should contact Jeremy
Schwartz, Senior Leasing Representative at 203-863-8271 or
jschwartz@ubproperties.com.”
James Aries, Senior Vice President of Acquisitions, added, “The
acquisition of Lakeview Plaza, anchored by the dominant grocer in
Southeast, is consistent with our strategy to acquire only
trade-area leading grocers. We know this property very well as it
is located within ten miles of other UBP-owned shopping centers in
Carmel and Somers, NY and in Danbury, CT. This will give us great
economies of scale as we look to revitalize the center.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
85 properties containing approximately 5.3 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 195 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 25
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: https://www.businesswire.com/news/home/20181203006014/en/
Willing L. Biddle, CEO orJohn T. Hayes, CFO orJames Aries, SVP,
Acquisitions orZach Fox, VP, AcquisitionsUrstadt Biddle Properties
Inc.(203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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