Urstadt Biddle Buys Stamford Shopping Center
- Oct 28, 2016
Greenwich, Conn.—Urstadt Biddle Properties Inc. has announced the acquisition of the shopping center located at 970 High Ridge Road in Stamford, Conn. Purchased for $13.3 million, the retail property comprises 27,000 square feet of space. The center was 100 percent leased at closing, funded with cash. Tenants include Supercuts, Verizon, Luigi’s restaurant, Mackenzie’s Sports Bar and Pub, as well as a 6,700-square-foot FedEx office.
“We are pleased to have acquired another shopping center in our core marketplace. The center is well located between the Merritt Parkway and Stamford’s growing and vibrant Central Business District. Stamford has emerged as an important economic hub of Fairfield County and a 24/7 city, highlighted by impressive apartment growth totaling upwards of 3,600 units built since 2010 with an additional 5,000 units planned,” commented Willing Biddle, president & CEO of Urstadt Biddle Properties.
High Ridge Road is a highly populated location in a main area of the city. Surrounded by major retailers such as Trader Joes, Mrs. Green’s, Acme Market, CVS, Walgreens and Starbucks, this area is seen as one of the most sought after retail destinations in the state, according to Zach Fox, vice president of Acquisitions. “Historically, this area has had a very low vacancy rate. This will be a strong, low risk investment for UBP for years to come. Owners know we can close quickly and quietly, and this turned out to be one of our smoothest transactions to date.”
Image via Google Street View