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.
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