Urstadt Biddle Properties Inc. Acquires 50% Interest in Walmart-Anchored Shopping Center & Adjacent Retail Property on Long I...
22 February 2014 - 8:38AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it acquired, through two wholly-owned subsidiaries, 50%
tenancy-in-common interests in two adjacent retail properties in
Suffolk County, Long Island from New Jersey-based developer, Lerner
Properties LLC. The first property is Gateway Plaza, a 20+ acre
parcel with a 194,309 sf shopping center anchored by a brand-new
167,309 square foot Walmart store and a nearly completed 27,000
square foot freestanding retail building. UBP’s 50% interest in
Gateway Plaza was purchased for $12.4 million, and UBP and Lerner
Properties refinanced the property at closing with a $14,000,000
first mortgage from Security Life of Denver Insurance Company.
Gateway Plaza is located at the intersection of Old Country Road
(a/k/a Route 58) and Kroemer Avenue in Riverhead, NY (Suffolk
County) and has the unique distinction of being located directly
across the road from, and sharing a traffic light with, Tanger
Outlet Center. Tanger Outlet Center is one of the country’s most
successful outlet centers and contains over 165 brand name outlet
stores. The Riverhead shopping area is located approximately 70
miles east of midtown Manhattan at the terminus of the Long Island
Expressway, and is the regional shopping area for Long Island’s
North and South Forks. Shoppers flock to Riverhead from all of
eastern Long Island.
The second property is Applebee’s Plaza, a 2 acre parcel
containing an existing 5,363 square foot Applebee’s restaurant and
an undeveloped pad site with a buildable allowance of 4,500 square
feet. UBP’s 50% interest in Applebee’s Plaza was purchased for $1.7
million, and the property is subject to existing mortgage financing
in the amount of $1,170,000, which matures in January, 2019.
Applebee’s has been operating a very successful store at this
location since 2000 and its performance should further improve as a
result of the recent opening of Walmart.
Willing Biddle, CEO of Urstadt Biddle Properties Inc., said, “We
are very happy to have been able to invest in these very
well-located regional retail properties and to be co-owners with
Lerner Properties. There is a great deal of interest from
prospective tenants in the 27,000 sf building under construction
next to Walmart, and we and our co-owner expect to have it leased
within six months. We also are working to lease the available pad
next to Applebee’s and hope to have a deal completed in the near
future. We think that these acquisitions will provide a beachhead
for more opportunities for our company in the Long Island
market.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust, which owns or has equity interests in
67 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. Urstadt Biddle Properties Inc. has
paid 177 consecutive quarters of uninterrupted dividends to its
shareholders since its inception, and it has raised total dividends
to its shareholders for the last 20 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. Follow us on Twitter at
https://twitter.com/UrstadtBiddle
For more information about Lerner Properties, please visit
LernerProperties.com.
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.
Urstadt Biddle Properties Inc.Willing L. Biddle, CEO,John T.
Hayes, CFO, orJames Aries, SVP203-863-8200
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