GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has acquired for $9,000,000, the Pershing Square Shopping Center in Derby, CT. Pershing Square is a 38,750 square foot shopping center, whose tenants include a 17,100 square foot Aldi Grocery Store, Panera Bread, Pet Valu, AT&T and Popeye’s. The purchase was funded with available cash.
Pershing Square is located in the heart of the retail district of Derby, CT (lower New Haven County on the boarder of Fairfield County), which is a densely populated trade area that draws from Shelton and Ansonia. In the 3-mile area surrounding the property, there are approximately 55,000 people earning average household incomes of nearly $80,000 per year. In the 5-mile area, there are approximately 97,000 people earning average household incomes of nearly $97,500 per year.
Pershing Square is situated at a signalized intersection on Pershing Drive with access to State Route 8 – the major north/south access highway in central Connecticut where over 64,300 vehicles travel each day. Its location on Pershing Drive is complemented by over a million square feet of surrounding retail including national and big box retailers such as Wal-Mart, Lowe’s, Target, Home Depot, and BJ’s Wholesale Club. Pershing Square shares a signalized intersection with the 133,310 square foot ShopRite Plaza and shares a parking lot with Planet Fitness in the adjoining Red Raider Plaza.
Willing Biddle, President and CEO of Urstadt Biddle Properties Inc. said, “We are pleased to add Aldi to our list of supermarket anchors and acquire a property at which a majority of the tenants built their premises from the ground up, which acts to lower the risk of the investment.” Zach Fox, Vice President of Acquisitions added, “This was an opportunity to acquire an off-market, brand new construction anchored by Aldi, one of the strongest credit tenants in the world. The remainder of the tenants are national brands with safe, long-term leases.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 76 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 187 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 23 consecutive years.
For additional information, please contact Willing L. Biddle, CEO, John Hayes, CFO, or James Aries, SVP or Zach Fox, VP 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.