This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
Stocks Under $10 with 50-100% upside potential - 14 days FREE!

Urstadt Biddle Properties Inc. Acquires 50% Interest In Walmart-Anchored Shopping Center And Adjacent Retail Property On Long Island, In Riverhead, New York

Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced today that it acquired, through two wholly-owned subsidiaries, 50% tenancy-in-common interests in two adjacent retail properties in Suffolk County, Long Island from New Jersey-based developer, Lerner Properties LLC. The first property is Gateway Plaza, a 20+ acre parcel with a 194,309 sf shopping center anchored by a brand-new 167,309 square foot Walmart store and a nearly completed 27,000 square foot freestanding retail building. UBP’s 50% interest in Gateway Plaza was purchased for $12.4 million, and UBP and Lerner Properties refinanced the property at closing with a $14,000,000 first mortgage from Security Life of Denver Insurance Company. Gateway Plaza is located at the intersection of Old Country Road (a/k/a Route 58) and Kroemer Avenue in Riverhead, NY (Suffolk County) and has the unique distinction of being located directly across the road from, and sharing a traffic light with, Tanger Outlet Center. Tanger Outlet Center is one of the country’s most successful outlet centers and contains over 165 brand name outlet stores. The Riverhead shopping area is located approximately 70 miles east of midtown Manhattan at the terminus of the Long Island Expressway, and is the regional shopping area for Long Island’s North and South Forks. Shoppers flock to Riverhead from all of eastern Long Island.

The second property is Applebee’s Plaza, a 2 acre parcel containing an existing 5,363 square foot Applebee’s restaurant and an undeveloped pad site with a buildable allowance of 4,500 square feet. UBP’s 50% interest in Applebee’s Plaza was purchased for $1.7 million, and the property is subject to existing mortgage financing in the amount of $1,170,000, which matures in January, 2019. Applebee’s has been operating a very successful store at this location since 2000 and its performance should further improve as a result of the recent opening of Walmart.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,880.36 -31.75 -0.19%
S&P 500 1,970.07 +0.12 0.01%
NASDAQ 4,462.9020 +20.2040 0.45%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs