Shopping centers sold for $51m

Real Estate Weekly, Jan 8, 2003

Urstadt Biddle Properties Inc. announced that it has purchased, in separate transactions, the Westchester Pavilion shopping center in White Plains, N.Y. and the Orange Meadows shopping center in Orange, Conn. for an all cash total purchase price of $51 million. The company had previously announced the contracts to purchase these properties.

Charles J. Urstadt, chairman and chief executive officer said, "These acquisitions complete nearly $150 million of properties acquired in our target region of New York and Connecticut this year. We have another $32 million under contract which we expect to close on in the next several months."

Willing Biddle, president of Urstadt Biddle Properties Inc. stated, "We are proud to add to our portfolio these two shopping centers. Westchester Pavilion was originally built as a department store in the late 1950's and was substantially renovated in 1994. The center is located in one of the most desirable retail locations in Westchester County and is adjacent to the Westchester Mall and the Crown Plaza Hotel in downtown White Plains."

Biddle continued, "The Westchester Pavilion increases our retail presence in Westchester County and continues our strategy to expand in our target region of New York and Connecticut." The property is 99% leased and was purchased from the State of Wisconsin Retirement Fund. Containing 185,000 SF of retail space, the Westchester pavilion is a vertical enclosed shopping center leased to value oriented national retailers. The center, which was acquired at a cost of $39.9 million includes some of America's best-known retailers such as Toys R Us, The Sports Authority, OfficeMax, Borders Books, Outback Steakhouse, and McDonald's.

UBP also acquired the Orange Meadows Shopping Center in Orange, Connecticut at a cost of approximately $11 million. The center, which is 85% leased, contains 78,186 SF on seven acres of land and is leased to national and local retailers including Talbot's, Seamans Furniture, Thomasville Furniture, and Trader Joe's, a specialty supermakret.