Urstadt Biddle Properties Inc.”™s business remained stable in its fourth fiscal quarter ending Oct. 31, as base rent collected dropped 2 percent despite an 8 percent drop in what it charges for new leases.
Greenwich-based Urstadt Biddle is one of the largest owners of retail properties in Fairfield County. As of the close of October, the company had leased 92 percent of the leasable space in its core properties, up 1.7 percent from July, but down 2.4 percent from October 2008. The company attributed the year-over-year decline to the bankruptcy filings of Linens ”™n Things and Fortunoff, and to the vacancy of a Borders Books, whose space is being taken by a day spa operator.
“Although 2009 was one of the most challenging years the commercial real estate industry has ever faced, we feel that UBP navigated the challenge as well as, if not better than, any other shopping center (real estate investment trust),” Willing Biddle, president of Urstadt Biddle, said in a statement. “We retained full access to the credit markets as evidenced by the two mortgage financings that we completed in 2009.”
The company had a $6.4 million profit in its fourth quarter as revenue totaled $19.5 million, down 5 percent from a year earlier. For the full 2009 fiscal year, Urstadt Biddle earned $28 million on $83 million in revenue, up 2 percent.
Clearview Investment Management Inc. acquired the partially built Southport Green mixed-used development in Fairfield.
Â
The seller was represented by CB Richard Ellis. Clearview also owns the Delamar Greenwich Harbor hotel.
Southport Green is designed as a 64,000-square-foot building to include two-dozen condominiums, office space, a 40-room hotel and a restaurant.
Fairfield Residential L.L.C. filed for Chapter 11 bankruptcy protection from creditors, indicating it would continue operating some of its apartment buildings normally, while placing others into a liquidation trust.
Â
The San Diego-based company owns residential buildings at 597 Westport Ave. in Norwalk; at 1425 Bedford St. in Stamford; and at 10 Clapboard Ridge Road in Danbury.
“The unprecedented collapse of the U.S. real estate and capital markets has made it difficult, if not impossible, for Fairfield to continue without restructuring its financial obligations,” CEO Christopher Hashioka said in a statement. “We believe our plan will enable us to emerge from this process and ”¦ be an active player in the multifamily sector.”
Direct Wines has opened up shop in more than 7,500 square feet of space at 20 Marshall St. in Norwalk.
Â
Choyce Peterson Inc. provided tenant brokerage services in the move to its new quarters, which are owned by Spinnaker Real Estate Partners L.L.C.
Direct Wines had previously been at 165 East Ave. in Norwalk. The company runs Zagat Wine, a partnership with Zagat Survey.
Northeast Electrical Distributors renewed its lease at 35 Larkin St. in Stamford, where it has been based since 1999, and where predecessor company Marle Co. has been since 1984.
Â
Northeast Electrical Distributors was represented by CB Richard Ellis. The building is owned by Larkin Street Associates, which was represented by Beaudry Commercial Real Estate.
A consultant reportedly has recommended that it will take more public-sector money to jumpstart the stalled District 95-7 SoNo mixed-use development in Norwalk, which was started by Spinnaker Real Estate Partners on the eve of the collapse of the real estate markets.
Â
According to the Norwalk Hour, Johnson Controls Inc. suggested public officials use tax increment financing, tax credits and recovery bonds among other tools to provide incentives for Spinnaker, while allowing the developer scale back office space included in the 600,000 square-foot project.
“You have to understand ”¦ 70 percent of something is better than 100 percent of nothing,” said Norwalk Mayor Richard Moccia, speaking at a December meeting of Norwalk redevelopment officials, as quoted by the Hour. “I don”™t even want a lightning strike. I”™ll take a small shock to start off (redevelopment).”
