Urstadt Biddle Properties announced that it has acquired Tanglewood Shopping Center, located in Yonkers, NY. Tanglewood is a 27,000 square foot shopping center consisting of two retail buildings. The primary building, which fronts Central Park Avenue, consists of approximately 22,300 square feet and is anchored by a new AutoZone. Other tenants in the primary building include Dunkin' Donuts, WingStop, T-Mobile, State Farm, a pizzeria, a cleaners, a deli, a stationery store and a hair salon. The secondary building consists of approximately 4,700 SF and is tenanted by CKO Kickboxing, a nail salon and a market. The property is currently 100% leased.
At their regular meeting today, the directors of Urstadt Biddle Properties Inc. (UBA and UBP) approved an increase in the quarterly dividend rate declared for its Common stock and Class A Common stock. The quarterly dividend rate declared for the Common Stock was increased to $0.24 per share and the quarterly dividend rate declared for the Class A Common stock was increased to $0.27 per share, which represents an annualized increase of $0.02 per share for both classes of common stock. The $0.02 dividend increase represents the twenty-fourth consecutive year that the company has increased total dividends to its shareholders. The Common and Class A Common dividends are payable January 19, 2018 to stockholders of record on January 5, 2018.