Urstadt Biddle Properties Inc. Announces the Sale of Starbuck’s Plaza, 525 Main Street, Monroe, CT
June 10 2019 - 5:33PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real
estate investment trust, announced today that it completed the sale
of a 10,100 square foot retail property located at 525 Main Street,
Monroe, CT (“Monroe”). The property was sold to a local real estate
investor for an all cash price of $3,650,000 million, exclusive of
closing costs and adjustments, which equated to an approximate 6.9%
capitalization rate on existing net operating income. Monroe is
tenanted by a 1,700 square foot Starbucks and a 2,900 square foot
M&T Bank, along with other local tenants. Monroe was purchased
by the company in January 2007. The company expects to record a
gain on sale of the property in its fiscal third quarter of
approximately $575,000, exclusive of closing costs. The company
expects to invest the net proceeds from the sale into retail
properties located in its primary investment marketplace in the
near future.
Commenting on the sale, Willing L. Biddle, UBP’s President and
Chief Executive Officer said, “We are pleased to have sold this
fully-leased asset at an attractive yield on existing income. The
company is continually evaluating all of its investment properties
to determine if they continue to meet our current investment
strategy of owning high quality grocery or pharmacy anchored
shopping centers in the suburban communities that surround New York
City. Although Monroe was a solid commercial real estate property,
it did not meet our current investment objectives. Accordingly, we
elected to sell it and plan on recycling the proceeds into
properties which are more closely aligned with our current
investment objectives.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
83 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 197 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/20190610005780/en/
Willing Biddle, President and CEO orJohn T. Hayes, CFOUrstadt
Biddle Properties, Inc.(203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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