Urstadt Biddle Properties Inc. (“UBP”) (NYSE: UBA and UBP) announced today that it has acquired an interest in a newly formed limited liability company (“LLC”) that will own and operate the Orangetown Shopping Center (“Orangetown”) in Orangeburg, New York. UBP is the sole managing member of the newly formed LLC. The property was contributed to the LLC by the existing owners of Orangetown. UBP will be the manager and leasing agent for the property.
Orangetown is a 75,000 square foot shopping center anchored by a 12,400 square foot CVS. Orangeburg is a hamlet in the town of Orangetown, Rockland County, New York. It is located north of Tappan, south of Blauvelt, east of Pearl River, and west of Piermont. The shopping center, which is 96% occupied, is leased to CVS and other regional tenants including Orange Farm Market, Allstate, Dunkin Donuts, Palisades Federal Savings Bank, Subway, Planet Wings and Twins India Palace.
Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are excited to have added our first shopping center in Rockland County, New York. This investment will be the platform for UBP to expand its footprint in Rockland County, one of the few high demographic counties surrounding New York City in which the Company had not been previously been invested. We believe the shopping center has upside that can be realized with modest additional investment over the next few years. We expect that this additional investment will improve the tenant base and operating results.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 54 properties containing approximately 4.9 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 168 consecutive quarters of uninterrupted dividends to its shareholders since its inception and raised its dividend to its shareholders for the last 18 consecutive years.