Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it has completed the acquisition of all of the outstanding limited partner interests in the entity that owns The Ridgeway Shopping Center in Stamford, Connecticut. UBP now controls 100% of the property. The outstanding limited partner interests were acquired at a cost of $7.4 million. The company utilized available cash to fund the purchases.
The Ridgeway Shopping Center, Stamford, Conn. (Photo: Business Wire)
Commenting on the purchase of the limited partner interests, Willing L. Biddle, President and COO said, “The limited partnership, which was formed over eight years ago, has been a great success for our company and its limited partners. It enabled the limited partners to achieve their investment and tax objectives. Ridgeway is one of the best shopping centers in the State of Connecticut. The property is anchored by Stop & Shop, Bed, Bath & Beyond, CVS, Staples, Marshall’s, Old Navy, Michael’s, L.A. Fitness and many other fine national and regional retailers. UBP and a wholly-owned subsidiary now own 100% of the 371,000 square foot shopping center that is located at the northern end of downtown Stamford, Connecticut. Ridgeway is the company’s single largest real estate investment. The property was developed in the 1950’s and redeveloped in the mid 1990’s. Ridgeway is the dominant grocery anchored shopping center and the largest non-mall shopping center located in the City of Stamford, Fairfield County, Connecticut. The partnership is accounted for as a consolidated joint venture and accordingly, the company does not expect the acquisition of the limited partner interests to have any significant affect on the financial position or results of operations of UBP.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust providing investors with a means of participating in ownership of income-producing properties with the liquidity of being listed on the New York Stock Exchange since 1969. UBP owns or has equity interests in 50 properties containing approximately 4.6 million square feet of gross leasable area and has paid 164 consecutive quarters of uninterrupted dividends to its shareholders since its inception and has raised its dividend to shareholders for seventeen consecutive years.