GREENWICH, Conn.--(BUSINESS WIRE)--Urstadt Biddle Properties Inc. (NYSE: UBA) announced the opening today of a new 40,000 square foot Whole Foods Market at Valley Ridge Shopping Center in Wayne, NJ. The lease with Whole Foods was signed in 2018 and has an initial term of 20 years. Whole Foods replaced a regional grocery tenant which, in turn, replaced A&P after that chain went bankrupt in 2015.
Willing Biddle, President and Chief Executive Officer of UBP, said “We are very excited that Whole Foods is finally opening at our property. This is Whole Foods’ first store in Passaic County, and it will make our Valley Ridge Shopping Center one of the best grocery-anchored shopping centers in northern New Jersey. We are very excited to have Whole Foods as a new tenant in our 81-property portfolio, which includes other grocery operators such as Stop & Shop, ShopRite, Acme, Trader Joe’s, DeCicco’s, Seabra and Key Food, among others. 84% of our properties, measured by square feet, are anchored by grocery stores, wholesale clubs or pharmacies, and these businesses have remained open and thriving during the current pandemic. We substantially renovated Valley Ridge Shopping Center in conjunction with the construction of the Whole Foods store, and the combination of these renovations and Whole Foods’ tenancy will enable us to attract strong tenants to cater to the Wayne community as well as residents of the surrounding area. Our shopping center renovations include modernization of the outdated façade, upgrades of the parking area and outdoor lighting, and expansion of the building that is now occupied by Whole Foods. We very much appreciate the assistance and cooperation of Mayor Christopher Vergano of Wayne Township, along with that of his great team, for making a reality of the dream of having Whole Foods come to Wayne.”
Whole Foods is owned by Amazon.com, Inc., a publicly traded company (NASDAQ: AMZN) with a market capitalization in excess of $1.5 trillion.
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 81 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 202 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
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.