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Article: Urstadt Biddle Properties Sells Non-Core Retail Property.
- Article from:
- PR Newswire
- Article date:
- August 30, 1999
CopyrightCOPYRIGHT 1999 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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GREENWICH, Conn., Aug. 30 /PRNewswire/ -- Urstadt Biddle Properties Inc. (NYSE: UBP and UBP.A), a real estate investment trust, announced today that it has sold one of its non-core properties in Mesa, Arizona. The property, which is triple net leased to Mervyn's, a division of Dayton Hudson, Inc., was sold for $2,825,000. The Company will realize a gain on sale of approximately $1.4 million in its fourth quarter ending October 31, 1999.
Willing L. Biddle, President and Chief Operating Officer of Urstadt Biddle Properties, Inc. said, "The sale of this non-core real estate asset furthers our announced strategic plan to dispose of non-core properties which are ...