GREENWICH, Conn.--(BUSINESS WIRE)--
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired Tanglewood Shopping Center, located in Yonkers, NY (“Tanglewood”). Tanglewood is a 27,000 square foot shopping center consisting of two retail buildings. The primary building, which fronts Central Park Avenue, consists of approximately 22,300 square feet and is anchored by a new AutoZone. Other tenants in the primary building include Dunkin’ Donuts, WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a stationery store and a hair salon. The secondary building consists of approximately 4,700 SF and is tenanted by CKO Kickboxing (a 70+ unit chain), a nail salon and a market. The property is currently 100% leased.
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Tanglewood was built in 1954 and expanded in 2005 when the prior owners acquired the adjacent shopping center (formerly known as the Crisfield Shopping Center) and integrated that property with Tanglewood. The property is located at the important, traffic-lighted intersection of Central Park Avenue and Crisfield Street in northeast Yonkers, NY and is situated between UBP’s two other Central Park Avenue Shopping Centers, the Midway Shopping Center (Shoprite) to the north and the McLean Plaza Shopping Center (Acme) to the south. In addition, UBP’s Shoppes at Eastchester (Acme) and Eastchester Plaza (CVS) are both located within two (2) miles of the subject property to the immediate east. Approximately 134,500 people live within 3 miles of the subject property earning an average household income of $154,500. Tanglewood is located within four miles of four Metro-North train stations with express service to Manhattan (Crestwood, Tuckahoe, Scarsdale and Bronxville).
Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another high quality shopping center located in our core marketplace. The property is located on Central Park Avenue, a major retail corridor of Westchester County and includes a strong national tenant AutoZone and other service oriented and food use tenants that we believe continue to compete very well against e-commerce.” James Aries, Senior Vice President of Acquisitions, added, “We are thrilled to have acquired Tanglewood - the culmination of a relationship with the owners that began over 15 years ago. Tanglewood is one of the first shopping centers in lower-NY, developed by Len Farber, a shopping center pioneer and a founding member of the ICSC trade organization. We are proud to be the recipient of its first and only trade. The ingress/egress points from Central Park Avenue along with the surrounding density and the historical occupancy will provide long-term stability. This complements nicely with other UBP-owned shopping centers on or just off Central Park Avenue and in the nearby trade area of, Eastchester. We continue to pursue shopping centers in suburban New York City with high barriers to entry.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 83 properties containing approximately 5.1 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 192 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 24 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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