Urstadt Biddle Properties Inc., a real estate investment trust (NYSE: UBA and UBP) today announced the opening of a new supermarket anchor, BIG Y World Class Market, in its Townline Square Shopping Center in Meriden, CT. The tenant will occupy 55,000 square feet of GLA with a lease that extends through 2031. Big Y and the Company jointly invested over $3 million in the redevelopment of the tenant site which was formerly occupied by another grocery store tenant that vacated the shopping center in 2010. The new lease will generate approximately $900,000 in rental income for the Company during its first year and will help attract a large number of customers to the shopping center. The Big Y World Class Market is owned by Big Y Foods, Inc., a full service supermarket chain owned by the D’Amour family and headquartered in Springfield, MA. The business was founded in 1936 with the opening of its first store in Chicopee, MA. Big Y currently owns and operates 61 supermarkets in the northeast part of the United States. A Big Y World Class Market is also the anchor tenant at the Company’s Five Town Plaza Shopping Center in Springfield, MA and its Veteran’s Plaza Shopping Center in New Milford, CT. The World Class Market will include a pharmacy, an International Food Court, a full-service seafood department, cheeses from around the world, a full bakery and a floral department. About 150 employees will work at the new store. Additionally, the store’s 15 extra-wide grocery aisles carry specialty foods from such areas as Asia, Europe, Canada, and the Middle East, along with a variety of cookware in the baking aisle, gluten-free items and an expanded selection of condiments. Willing Biddle, President of UBP said, “We are pleased to announce the opening of this brand new Big Y Foods World Class Market in Meriden, CT, our third lease with this very strong and successful grocer. Big Y will enhance our tenant base at this shopping center and continue the revitalization of the property.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 51 properties containing approximately 4.7 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 166 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.