GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has purchased The Harrison Shopping Center in Harrison, New York.
The Harrison Shopping Center is located on Halstead Avenue in the affluent community of Harrison, New York (Westchester County). The 25,000 square foot shopping center is anchored by an A&P Fresh Supermarket which will most likely be replaced by a prominent grocer, subject to bankruptcy court approval. Other long-term tenants in the shopping center include a bakery, a hair salon, a florist, restaurants and AT&T. The shopping center was built in 1957 by the selling family and has been a mainstay in downtown Harrison for generations.
Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are very pleased that we continue to acquire grocery-anchored shopping centers in the metro-NY market in a challenging acquisitions environment. Harrison is an important commuter town and we now own the best position in town, directly across from the Metro-NY train station with express service to Manhattan.” James Aries, Director of Acquisitions at Urstadt Biddle Properties Inc. adds, “Our long-standing relationship with the selling family which began in a management role, enabled us to close on this acquisition quickly and quietly which was critical to the selling family. Harrison is less than 10 miles from our home office in Greenwich, CT and we look forward to making improvements to the center which will largely be driven by the replacement grocer.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust, which owns or has equity interests in 74 properties containing approximately 5.2 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 182 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised its dividends to its shareholders for the last 21 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.
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.