Home Fairfield Urstadt Biddle acquires Stamford’s High Ridge Shopping Center, three other county properties

Urstadt Biddle acquires Stamford’s High Ridge Shopping Center, three other county properties

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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.

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