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Urstadt Biddle Properties Inc. Announces the Sale of Starbuck’s Plaza, 525 Main Street, Monroe, CT
GREENWICH, Conn.–(BUSINESS WIRE)–$UBA #REIT—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 marketplace in the near future.
Commenting on the sale, Willing L. Biddle, UBP’s President and Chief
Executive Officer said, “We are pleased to have sold this fully-leased
asset at an attractive yield on existing income. The company is
continually evaluating all of its investment properties to determine if
they continue to meet our current investment strategy of owning high
quality grocery or pharmacy anchored shopping centers in the suburban
communities that surround New York City. Although Monroe was a solid
commercial real estate property, it did not meet our current investment
objectives. Accordingly, we elected to sell it and plan on recycling the
proceeds into properties which are more closely aligned with our current
investment objectives.”
Urstadt Biddle Properties Inc. is a self-administered equity real
estate investment trust which owns or has equity interests in 83
properties containing approximately 5.3 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 197 consecutive quarters of uninterrupted
dividends to its shareholders since its inception and has raised total
dividends to its shareholders for the last 25 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.
Contacts
Willing Biddle, President and CEO or
John T. Hayes, CFO
Urstadt
Biddle Properties, Inc.
(203) 863-8200
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Cannabis
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Humboldt
Humboldt Seed Company partners with Apollo Green to bring California cannabis genetics to the global marketplace
Apollo Green to distribute Humboldt Seed Company clonal cannabis genetics to Germany, Portugal and Australia
SAN FRANCISCO, April 30, 2024 /PRNewswire/ — Humboldt Seed Company (HSC), California’s leading cannabis seed producer, has announced a partnership with Canadian-based Apollo Green to make eight breeder cuts available to researchers, licensed commercial cultivators and home growers in legal markets worldwide. This first-to-market clonal genetics release is a significant milestone and will expand access to distinctive, high-quality cannabis genetics in both established and emerging global markets including Germany, Portugal and Australia.
The curated, breeder-verified selection includes pioneering triploid genetics, such as OG Triploid and Donutz Triploid alongside the legendary cult classic Blueberry Muffin. Also available are All Gas OG with a THC content of 21% and four high-THC strains in the 30-35% range: Golden Sands, Guzzlerz, Jelly Donutz and Orange Creampop. These selections represent the top .01% from HSC’s extensive California pheno-hunting program.
Exports will begin in May under Apollo Green’s Canadian federal cannabis license. All shipments have Canadian phytosanitary certification, ensuring plants have been inspected, and are clean and free of pests.
“Access for all to quality genetics has been our core focus since the beginning,” said HSC Co-founder and Chief Science Officer, Benjamin Lind. “Our science-based approach to breeding aligns perfectly with Apollo Green’s high standards and we are excited to be able to extend these hand-selected cuts to a wider audience, especially at this pivotal time where we’re seeing positive regulatory changes globally.”
Oisin Tierney, Apollo Green Director of Business Development, said, “California has long been recognized for setting industry standards, and we are proud to play a role in bringing these esteemed genetics to cultivators worldwide. The triploids are especially noteworthy in terms of the unprecedented potential for enhanced plant vigor, higher yields, shorter flowering times and superior returns for solventless extraction.”
About Humboldt Seed Company
Established in 2001, Humboldt Seed Company is a Northern California heritage brand providing quality cannabis genetics to commercial cultivators and home growers in legalized states across the U.S. and international markets including Spain, Canada, Jamaica, South Africa, Colombia, France, Portugal, Greece, the UK, Malta and Thailand. With a focus on environmental and social justice, they combine traditional breeding and modern scientific practices in their strain development program. They have served the cannabis community for over two decades.
For more information visit https://humboldtseedcompany.com/.
About Apollo Green
Licensed since 2019, Apollo Green is Canada’s leader in cannabis genetics. The company’s mission is to provide an ever-growing bank of seeds and clones to medical patients and recreational consumers. Apollo Green provides clean, trusted cannabis seeds and clones, which are backed by the foremost tissue culture technology to reduce risks, costs and time-to-market for licensed producers around the world. Apollo Green is passionate about cannabis genetics.
For more information visit https://apollogreen.com/.
Media contact
Jaana Prall
[email protected]
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