Home Economy Urstadt Biddle sells Fairfield’s Stratfield Market for $1.2M

Urstadt Biddle sells Fairfield’s Stratfield Market for $1.2M

Urstadt Biddle Properties Inc., a Greenwich-based real estate investment trust, has sold the 12,900-square- foot Stratfield Market property in Fairfield to an undisclosed real estate development group for $1.2 million in an all-cash transaction.

The property was the site of Stratfield Supermarket, a locally owned grocery store that operated for 30 years before closing in 2006. Walgreen’s signed a 20-year lease for the property but was blocked from opening when the town’s zoning authority rejected its application. Walgreen’s waged an unsuccessful legal battle for five years and efforts to attract other tenants to the vacant property failed.

Urstadt Biddle Properties purchased the property earlier this year as part of a larger transaction, also negotiating early termination of the Walgreen’s lease. Willing L. Biddle, the company’s president and CEO, said the unnamed buyer was “committed to renovating the property as a neighborhood food store.”

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Phil Hall's writing for Westfair Communications has earned multiple awards from the Connecticut Press Club and the Connecticut Society of Professional Journalists. He is a former United Nations-based reporter for Fairchild Broadcast News and the author of 11 books (including the upcoming "100 Years of Wall Street Crooks," published by Bicep Books). He is also the host of the SoundCloud podcast "The Online Movie Show," host of the WAPJ-FM talk show "Nutmeg Chatter" and a writer with credits in The New York Times, New York Daily News, Hartford Courant, Wired, The Hill's Congress Blog, Profit Confidential, The MReport and StockNews.com. Outside of journalism, he is also a horror movie actor - usually playing the creepy villain who gets badly killed at the end of each film.

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