Urstadt Biddle Properties Inc. Announces the Sale of Starbuck’s Plaza, 525 Main Street, Monroe, CT
Urstadt Biddle Properties Inc. (UBP)
US:NYSE Investor Relations:
ubproperties.com
Company Research
Source: Business Wire
GREENWICH, Conn.--(BUSINESS WIRE)-- Urstadt Biddle Properties Inc. (NYSE: UBA and UBP), a real estate investment trust, announced today that it completed the sale of a 10,100 square foot retail property located at 525 Main Street, Monroe, CT (“Monroe”). The property was sold to a local real estate investor for an all cash price of $3,650,000 million, exclusive of closing costs and adjustments, which equated to an approximate 6.9% capitalization rate on existing net operating income. Monroe is tenanted by a 1,700 square foot Starbucks and a 2,900 square foot M&T Bank, along with other local tenants. Monroe was purchased by the company in January 2007. The company expects to record a gain on sale of the property in its fiscal third quarter of approximately $575,000, exclusive of closing costs. The company expects to invest the net proceeds from the sale into retail properties located in its primary investment mark
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