Urstadt Biddle Properties Inc. Announces the Grand Opening of Whole Foods Market, at Valley Ridge Shopping Center in Wayne, NJ
September 17 2020 - 12:53PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA) announced the opening
today of a new 40,000 square foot Whole Foods Market at Valley
Ridge Shopping Center in Wayne, NJ. The lease with Whole Foods was
signed in 2018 and has an initial term of 20 years. Whole Foods
replaced a regional grocery tenant which, in turn, replaced A&P
after that chain went bankrupt in 2015.
Willing Biddle, President and Chief Executive Officer of UBP,
said “We are very excited that Whole Foods is finally opening at
our property. This is Whole Foods’ first store in Passaic County,
and it will make our Valley Ridge Shopping Center one of the best
grocery-anchored shopping centers in northern New Jersey. We are
very excited to have Whole Foods as a new tenant in our 81-property
portfolio, which includes other grocery operators such as Stop
& Shop, ShopRite, Acme, Trader Joe’s, DeCicco’s, Seabra and Key
Food, among others. 84% of our properties, measured by square feet,
are anchored by grocery stores, wholesale clubs or pharmacies, and
these businesses have remained open and thriving during the current
pandemic. We substantially renovated Valley Ridge Shopping Center
in conjunction with the construction of the Whole Foods store, and
the combination of these renovations and Whole Foods’ tenancy will
enable us to attract strong tenants to cater to the Wayne community
as well as residents of the surrounding area. Our shopping center
renovations include modernization of the outdated façade, upgrades
of the parking area and outdoor lighting, and expansion of the
building that is now occupied by Whole Foods. We very much
appreciate the assistance and cooperation of Mayor Christopher
Vergano of Wayne Township, along with that of his great team, for
making a reality of the dream of having Whole Foods come to
Wayne.”
Whole Foods is owned by Amazon.com, Inc., a publicly traded
company (NASDAQ: AMZN) with a market capitalization in excess of
$1.5 trillion.
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
81 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 202 consecutive quarters
of uninterrupted dividends to its shareholders since its
inception.
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/20200917005840/en/
Willing L. Biddle, CEO or John T. Hayes, CFO or Stephan
Rapaglia, COO Urstadt Biddle Properties Inc. (203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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