Urstadt Biddle Properties Inc. Announces Investment in New DownReit Entity to Own the Orangetown Shopping Center, Orangeburg, New York
GREENWICH, Conn.--(BUSINESS WIRE)-- Urstadt Biddle Properties Inc. (UBA) (UBP) (NYSE: UBA and UBP) announced today that it has acquired an interest in a newly formed limited liability company (LLC) that will own and operate the Orangetown Shopping Center (Orangetown) in Orangeburg, New York. UBP is the sole managing member of the newly formed LLC. The property was contributed to the LLC by the existing owners of Orangetown. UBP will be the manager and leasing agent for the property.
Orangetown is a 75,000 square foot shopping center anchored by a 12,400 square foot CVS. Orangeburg is a hamlet in the town of Orangetown, Rockland County , New York . It is located north of Tappan , south of Blauvelt , east of Pearl River , and west of Piermont . The shopping center, which is 96% occupied, is leased to CVS and other regional tenants including Orange Farm Market, Allstate, Dunkin Donuts, Palisades Federal Savings Bank, Subway, Planet Wings and Twins India Palace.
Willing Biddle, President of Urstadt Biddle Properties Inc. said, We are excited to have added our first shopping center in Rockland County, New York. This investment will be the platform for UBP to expand its footprint in Rockland County, one of the few high demographic counties surrounding New York City in which the Company had not been previously been invested. We believe the shopping center has upside that can be realized with modest additional investment over the next few years. We expect that this additional investment will improve the tenant base and operating results.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 54 properties containing approximately 4.9 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 168 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised its dividend to its shareholders for the last 18 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.
Urstadt Biddle Properties Inc.
John T. Hayes, CFO or Willing L. Biddle, COO
Source: Urstadt Biddle Properties Inc.Copyright Business Wire 2012