Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it had completed the purchase of the Fairfield Centre shopping center in the Town of Fairfield, Fairfield County, Connecticut for a purchase price of $17 million, excluding closing costs. The property was purchased free and clear of mortgages. The acquisition was funded with a borrowing on the Company’s unsecured line of credit. The center, located on the Post Road (Route 1) in the Town of Fairfield was built in 1995 and contains 63,300 square feet of leasable space. The shopping center is 100% leased to three tenants; Marshall’s, CVS, and Office Max.
Willing Biddle, President of Urstadt Biddle Properties Inc said, “Our latest acquisition, Fairfield Centre is located on Route 1 in the densely populated and wealthy demographic area of the Town of Fairfield in Fairfield County, CT and has a strong tenant roster consisting of three national retailers, CVS, Marshall’s and OfficeMax. We are pleased to continue the acquisition momentum created in April when we purchased the Fairfield Plaza Shopping Center in New Milford, CT. We are encouraged by other potential acquisition opportunities in our core marketplace and hope the acquisition momentum will continue.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 52 properties containing approximately 4.8 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 167 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised its dividend to its shareholders for the last 17 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.