Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that its subsidiary had completed the purchase of the Eastchester Plaza Shopping Center in the Town of Eastchester, Westchester County, New York. In connection with the purchase, the Company assumed a first mortgage encumbering the property in the approximate amount of $3.6 million that bears interest at the rate of 7.64% per annum. The mortgage matures in April 2012. The remaining equity needed to complete the acquisition was funded with available cash. The center, located on White Plains Road (Route 22) in the Town of Eastchester, was built in 1963 and renovated in 2006 and contains 23,300 square feet of leasable space anchored by a 13,500 CVS.
Willing Biddle, President of Urstadt Biddle Properties Inc said, “Our latest acquisition, Eastchester Plaza is located on Route 22 in the densely populated and wealthy demographic area of the Town of Eastchester in Westchester County, NY and is anchored by national retailer, CVS. We are pleased to have been able to acquire a quality asset in lower Westchester County, NY. This purchase follows our acquisition last month of another CVS anchored Center, Fairfield Centre Shopping Center in the Town of Fairfield, CT. We are encouraged by the prospects we continue to see for additional acquisitions in our marketplace and hope the acquisition momentum will continue in fiscal 2012.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 53 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.