GREENWICH, Conn.--(BUSINESS WIRE)--
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired for $13,300,000, 970 High Ridge Road Shopping Center in Stamford, CT. 970 High Ridge Road is a 27,000 square foot shopping center, whose tenants include a 6,700 square foot FedEx Office and also includes a Supercuts, Verizon and two well-established local restaurants, Luigi’s and Mackenzie’s Sports Bar and Pub. The property is located in a high demographic, infill market on High Ridge Road in Stamford, CT, a major north/south artery road in Stamford. The center, at closing was 100% leased. The property is immediately surrounded by prominent retailers such as Trader Joe’s, Mrs. Green’s, Acme Market, CVS, Walgreen’s and Starbuck’s. The purchase was funded with available cash.
Willing Biddle, President and CEO of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another shopping center in our core marketplace. The center is well located between the Merritt Parkway and Stamford’s growing and vibrant Central Business District. Stamford has emerged as an important economic hub of Fairfield County and a 24/7 city, highlighted by impressive apartment growth totaling upwards of 3,600 units built since 2010 with an additional 5,000 units planned. We are extremely pleased that we were able to add another property in Stamford which is four miles from our largest shopping center, Ridgeway, the largest non-mall shopping center in Stamford, CT.” Zach Fox, Vice President of Acquisitions added, “High Ridge Road in Stamford is one of the most sought after retail destinations in the state. Historically, this area has had a very low vacancy rate. This will be a strong, low risk investment for UBP for years to come. Owners know we can close quickly and quietly, and this turned out to be one of our smoothest transactions to date.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 75 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 186 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 22 consecutive years.
For additional information, please contact Willing L. Biddle, CEO, John Hayes, CFO, or James Aries, SVP, Urstadt Biddle Properties Inc. at 203-863-8200.
This press release contains statements that constitute “forward-looking statements.” These statements are made pursuant to the safe harbor provisions 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 Urstadt Biddle Properties Inc. 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. Urstadt Biddle Properties Inc. undertakes no obligation to update these statements for revisions or changes after the date of this release.
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