GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) announced today that it has acquired, for $12 million, Lakeview Plaza Shopping Center, located in the Town of Southeast in Putnam County, NY (“Lakeview”). Lakeview is a 177,000 square foot shopping center anchored by a 54,000 square foot Acme Supermarket. The property consists of five buildings on a 23 acre site located on Route 22, just north of the intersections of Interstates 684 & 84. The location benefits greatly from the traffic traveling north and south on Route 22, which has an average daily traffic count of 30,500. Lakeview is currently 73% leased to a diverse mixture of local, regional and national tenants including Acme Supermarket, Rite-Aid, JPMorgan Chase, Supercuts, Subway, M&T Bank, KeyBank and Burger King. The property was built between 1972 and 1981, and renovated in 1999. Parking is excellent with 908 spaces (5.13 cars / 1,000 square feet) serving the shopping center, and access to the property is also excellent, with two signalized points of ingress/egress along Route 22. The Town of Southeast has two Metro-North train stations with regular service to New York City’s Grand Central Station taking approximately 75 minutes. The population of the Town of Southeast is approximately 18,400, and other commercial development in Southeast is mainly situated on Route 22 within close proximity to the property. The nearest enclosed mall is the Danbury Fair Mall, located in Danbury, Connecticut, roughly 20 minutes from Lakeview.
Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired another grocery-anchored shopping center located in our core marketplace. Lakeview Plaza is strategically located on Route 22 near the confluence of I-684 and I-84. We were able to acquire this property at a deep discount to replacement value from a lender who had foreclosed its loan on the property, and we look forward to using our talents to renovate and restore the property to the high-quality center it once was. We have approximately 20,000 square feet of retail space and 20,000 square feet of office space immediately available for lease. All interested parties or their representatives should contact Jeremy Schwartz, Senior Leasing Representative at 203-863-8271 or firstname.lastname@example.org.”
James Aries, Senior Vice President of Acquisitions, added, “The acquisition of Lakeview Plaza, anchored by the dominant grocer in Southeast, is consistent with our strategy to acquire only trade-area leading grocers. We know this property very well as it is located within ten miles of other UBP-owned shopping centers in Carmel and Somers, NY and in Danbury, CT. This will give us great economies of scale as we look to revitalize the center.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 85 properties containing approximately 5.3 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 195 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised total dividends to its shareholders for the last 25 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.