UBP - Urstadt Biddle Properties Inc. Announces the Sale of Its Newington Park Shopping Center Located in Newington NH
Urstadt Biddle Properties Inc. (the “Company”) (NYSE: UBA and UBP), a real estate investment trust, announced today that it has completed the sale of its Newington Park Shopping Center located in Newington, NH (“Newington Park”). The purchaser is a subsidiary of Torrington Properties, Inc., a real estate investment and development company based in Boston, MA and Durham, NH. The sale price was $13,350,000.
Commenting on the sale, Willing L. Biddle, the Company’s President and Chief Executive Officer said, “We have owned Newington Park since 1979, when we were still known as HRE Properties. Originally a light industrial development property, we converted it into a mixed use, primarily retail, complex, and it has since been a solid investment for us. We sold the property because it no longer met our ideal investment parameters, as it is not grocery-anchored and is located outside of the suburban neighborhoods surrounding New York City. The Company intends to deploy sale proceeds, as opportunities arise, into regional properties to which our team can add greater value.”
Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust which owns or has equity interests in 79 properties containing approximately 5.1 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 205 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
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.
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Willing Biddle, President and CEO or
John T. Hayes, CFO or
James Aries, Director of Acquisitions
Urstadt Biddle Properties Inc.
(203) 863-8200