Urstadt Biddle Properties Inc. Announces Acquisition of the Fairfield Centre Shopping Center in the Town of Fairfield, Fairfi...
01 November 2011 - 8:49AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it had completed the purchase of the Fairfield Centre
shopping center in the Town of Fairfield, Fairfield County,
Connecticut for a purchase price of $17 million, excluding closing
costs. The property was purchased free and clear of mortgages. The
acquisition was funded with a borrowing on the Company’s unsecured
line of credit. The center, located on the Post Road (Route 1) in
the Town of Fairfield was built in 1995 and contains 63,300 square
feet of leasable space. The shopping center is 100% leased to three
tenants; Marshall’s, CVS, and Office Max.
Willing Biddle, President of Urstadt Biddle Properties Inc said,
“Our latest acquisition, Fairfield Centre is located on Route 1 in
the densely populated and wealthy demographic area of the Town of
Fairfield in Fairfield County, CT and has a strong tenant roster
consisting of three national retailers, CVS, Marshall’s and
OfficeMax. We are pleased to continue the acquisition momentum
created in April when we purchased the Fairfield Plaza Shopping
Center in New Milford, CT. We are encouraged by other potential
acquisition opportunities in our core marketplace and hope the
acquisition momentum will continue.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
52 properties containing approximately 4.8 million square feet of
space. Listed on the New York Stock Exchange since 1969, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 167 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and raised its dividend to its shareholders for the last 17
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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