|Willing Biddle Scoops Up FC Retail Properties|
Greenwich: Urstadt Biddle Properties Inc. (NYSE:UBA and UBP) has acquired a portfolio of four retail properties located in Fairfield County. The purchase, includes,
High Ridge Shopping Center, an 87,300 square foot shopping center located on High Ridge Road, Stamford, , 300 yards south of the Merritt Parkway. The center is anchored by Trader Joe’s supermarket and DSW shoe store, and 23 additional tenants, including Starbucks, AT&T, Rye Ridge Deli and Pet Valu.
Also part of the sale were two free standing building, a 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 and an 8,000 square foot building leased to CVS located on Sound Beach Avenue in Old Greenwich, and a 12,000 square foot building leased to Walgreens located on Stratfield Road in Fairfield.
According to UBP, 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. “