Urstadt Biddle Properties Inc. has acquired a portfolio of four retail properties in Fairfield County, including Stamford’s High Ridge Shopping Center. The 87,300-square-foot shopping center is anchored by Trader Joe’s supermarket and DSW shoe store, with 23 additional tenants including Starbucks, AT&T, Rye Ridge Deli and Pet Valu.
In addition, Urstadt has acquired a freestanding, 4,200-square-foot building leased to Chase Bank just south of High Ridge Shopping Center; a freestanding, 8,000-square-foot building leased to CVS on Sound Beach Avenue in Old Greenwich; and a freestanding, 12,000-square-foot building leased to Walgreens on Stratfield Road in Fairfield.
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 buy the portfolio, other than the Fairfield property, which was bought 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 multigenerational family group that originally developed the properties.
All told, the four properties are 98 percent leased, according to Urstadt Biddle Properties.