Urstadt Biddle acquires four retail properties in Connecticut
Urstadt Biddle Properties has purchased a portfolio of four retail assets in the US located in Connecticut in the Fairfield County.
The portfolio consists of:
High Ridge Shopping Center, an 87,300 square foot shopping center located on High Ridge Road, Stamford, CT, 300 yards south of the Merritt Parkway, anchored by Trader Joe’s supermarket and DSW shoe store, with 23 additional tenants, including Starbucks, AT&T, Rye Ridge Deli and Pet Valu;
a free standing 4,200 square foot building leased to Chase Bank with a drive thru located on High Ridge Road, just south of High Ridge Shopping Center;
a free standing 8,000 square foot building leased to CVS located on Sound Beach Avenue in Old Greenwich, CT; and
a free standing 12,000 square foot building leased to Walgreens located on Stratfield Road in Fairfield, CT.
The transaction was structured as a “DownREIT partnership” whereby the seller received a combination of cash and operating partnership units in a new entity formed to purchase the portfolio, other than the Fairfield property, which was purchased in a simultaneous all cash transaction.
Urstadt Biddle Properties is the Managing Member of the newly formed entity and will manage and lease the portfolio. The seller is a local multi-generational family group that originally developed the properties.
Willing Biddle, President of Urstadt Biddle Properties Inc. said, “We are pleased to have acquired this portfolio of prime retail properties in our core marketplace. The portfolio is 98% leased. The jewel of the portfolio is High Ridge Shopping Center located on High Ridge Road, the main access way to Stamford from the Merritt Parkway.
“The property has an average daily traffic count of over 30,000 cars. Approximately 55,000 people live within 3 miles of the property with an average household income of over $185,000. Stamford has emerged as an important economic hub of Fairfield County and is a 24/7 city, highlighted by impressive apartment growth totaling upwards of 3,600 units built since 2010, with an additional 5,000 units planned.
“We are extremely pleased that we were able to acquire another property in Stamford, and one that includes Trader Joe’s, the leading specialty grocer in our marketplace”.
James Aries, Senior Vice President of Acquisitions and Zach Fox, Vice President of Acquisitions, added, “We are thrilled to have acquired, this high quality portfolio located in some of the most affluent towns in Fairfield County.
“The trophy is High Ridge Shopping Center, arguably the most successful grocer-anchored shopping center in lower Connecticut anchored by Trader Joe’s and a brand new DSW.
“The seller’s confidence in UBP, based on UBP’s reputation and positive, past interactions with the seller in local real estate circles, set the stage for a successful transaction and afforded us the opportunity to close on one of the best portfolios in one of the best markets in the country”.
Source: Company Press Release