Urstadt Biddle Properties Inc. Announces Acquisition of Washington Commons Shopping Center Located in Dumont, NJ
August 02 2017 - 4:00PM
Business Wire
Urstadt Biddle Properties Inc. (NYSE:UBA)(NYSE:UBP) announced
today that it has acquired an equity interest in a new entity that
owns the Washington Commons Shopping Center located in Dumont, NJ.
Washington Commons is a 75,400 square foot shopping center, which
also includes a residential component. The mixed-use property
consists of two buildings. One is a free-standing 44,300 square
foot Stop & Shop. The second building is a three-story retail
and multifamily building occupied by Valley Medical Group, Great
Clips, Pet Valu, Blimpie and 26 residential apartments. The
residential unit mix consists of one bedroom, two bedroom and
studio apartments. The residences have their own entrance and
parking field located behind the shopping center. The property is
currently 100% leased. All retail tenants, except for Great Clips,
have been in occupancy since 1997.
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Washington Commons Shopping Center
Dumont, New Jersey is located in the southern part of Bergen
County. Washington Avenue is a major north/south commercial artery
which feeds into competitive commercial markets to the north
(Closter) and to the south (Bergenfield). Stop & Shop is the
only grocer serving densely populated Dumont. Although Washington
Avenue is a two-lane road, it is the only commercial artery in town
and there is a free-standing Walgreens, a free-standing Burger King
and a free-standing Chase Bank at the other three corners of this
intersection, which creates a retail critical mass. Dumont is
located only 10 miles from Manhattan and is an important commuter
town to New York City. Dumont commuters are served by NJ Transit
bus service with 35 minute travel time to Port Authority.
The transaction was structured as a “DownREIT partnership”
whereby the seller received a combination of cash and operating
partnership units in a new entity formed to purchase the property.
Urstadt Biddle Properties is the managing member of the newly
formed entity and will manage and lease the property. The seller is
a regional real estate developer that originally developed the
property. UBP’s initial equity in the DownREIT was approximately
$3.9 million, which represented an approximate 31.4% equity
interest.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are pleased to have acquired another high quality grocery
anchored commercial property located in our core marketplace. The
property is 100% leased and Stop & Shop does very well in this
space. In fact, they just recently exercised the next option under
their lease. The property has an average daily traffic count of
over 20,000 cars. Approximately 148,000 people, earning an average
household income of $133,000, live within 3 miles of the subject
property.” James Aries, Senior Vice President of Acquisitions,
added, “We are thrilled to have acquired Washington Commons, which
has been on our radar since 2002. This complements nicely with
other UBP-owned shopping centers in nearby Emerson, Fort Lee and
Passaic. We continue to pursue grocery-anchored shopping centers in
suburban New York City with high barriers to entry.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
81 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 190 consecutive quarters
of uninterrupted dividends to its shareholders since its inception
and has raised total dividends to its shareholders for the last 23
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170802006371/en/
Urstadt Biddle Properties Inc.Willing L. Biddle, CEOJohn T.
Hayes, CFOJames Aries, SVP, AcquisitionsZach Fox, VP,
Acquisitions203-863-8200
Urstadt Biddle Properties (NYSE:UBA)
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