Urstadt Biddle Properties Inc. Announces the Sale of Its Newington Park Shopping Center Located in Newington, NH
June 28 2021 - 4:15PM
Business Wire
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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version on businesswire.com: https://www.businesswire.com/news/home/20210628005735/en/
Willing Biddle, President and CEO or John T. Hayes, CFO or James
Aries, Director of Acquisitions Urstadt Biddle Properties Inc.
(203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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