GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP), a real estate investment trust, announced today that it has completed the sale of its Westchester Pavilion Property located in White Plains, NY (the “Pavilion”). The purchaser is Maple and Broadway Holdings, LLC, a subsidiary of Lennar Corporation (“Lennar”) (NYSE: LEN) through its Lennar Multi-Family Communities, LLC subsidiary. Lennar is one of the United States’ largest homebuilders. The current plan is for the property to be razed in order for Lennar to develop a high-end, mixed-use property containing residential apartments above retail. The aggregate payment paid to the Company for the Pavilion was $56.6 million.
Commenting on the sale, Willing L. Biddle, UBP’s President and Chief Executive Officer said, “We purchased the Pavilion in 2002 and operated it for over 10 years as a successful power center mall. In 2013, with the expiration of certain large leases pending, we realized the property had great potential to be redeveloped into a much larger retail/residential mixed-use project. This dream could not have become a reality without the cooperation and support of Mayor Thomas Roach and the White Plains Common Council who understood our plan and ultimately supported a re-development of the property to include two high-rise buildings containing over 700 apartments above 75,000 square feet of lower floor retail. Recognizing that our company is not an expert in large-scale, high-rise construction, we elected to sell the property to Lennar Multi-Family Communities, which will follow through on our dream of building a beautiful, new mixed-use complex that will bring new life and vitality to the southeast end of White Plains. We know the site has tremendous potential, and we expect that Lennar’s project will be a success for the community. The sales price is a substantial premium over the price that we paid for the property, and when this premium is combined with the strong annual return we made operating the property, it is clear that the Pavilion was a very good investment for our company”.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 75 properties containing approximately 4.8 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 188 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.
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.