Urstadt Biddle Properties Inc. Announces Acquisition of Shelton Square Shopping Center Located in Shelton, CT
04 February 2022 - 8:15AM
Business Wire
Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) announced
today that it has acquired, for $33.6 million, Shelton Square
Shopping Center, located in Shelton, CT (“Shelton Square”). Shelton
Square is a 186,000 square foot community shopping center comprised
of one building and three pad sites on a 20+-acre site and anchored
by a 67,000 square foot Stop & Shop with a long-term lease.
Stop & Shop also leases an additional 70,000 square feet at
Shelton Square, which additional space formerly housed a Bradlees
department store. Stop & Shop is the former owner of Bradlees,
and it has sublet the additional space to Edge Fitness, Hawley Lane
Shoes and, previously, Bed, Bath & Beyond. The former BBB space
is now vacant and available. In total, Shelton Square is 96.5%
leased to a diverse mixture of local, regional, and national
tenants. Other tenants include People’s United Bank, St.
Vincent’s/Hartford Health, Burger King, Sports Clips, a local
pizzeria, a local wine and spirits store, an optician, a salon, a
jeweler, a Chinese restaurant and a brand-new physical
therapist.
Shelton Square is located on Bridgeport Avenue in Shelton,
Connecticut. Bridgeport Avenue is a major commercial corridor in
the northeast quadrant of Fairfield County that parallels Route 8.
Given its proximity to I-95, the Merritt Parkway and Route 8, the
City of Shelton benefits from a substantial regional office market,
which supports an enhanced daytime population. Companies with
offices in Shelton include Sikorsky/Lockheed Martin, Perkin Elmer
and Pitney Bowes. Daytime population in a 3-mile ring around the
property is approximately 32,000, and there are over 175,000
residents and approximately 89,000 employees within a 10-mile
radius.
Willing Biddle, President of Urstadt Biddle Properties Inc.
said, “We are pleased to have acquired another high-quality
shopping center located in our core marketplace. We were able to
acquire this property in the “UBP way”, off-market in a direct
transaction with the property ownership group. Shelton Square has
potential future upside for us in the form of increased yield as a
result of the unique lease structure in the shopping center, with
the anchor tenant Stop & Shop leasing an additional 70,000
square feet of additional space that it sub-leases to two tenants.”
James Aries, Senior Vice President of Acquisitions, added, “The
acquisition of Shelton Square, anchored by the dominant grocer in
Shelton, is consistent with our strategy to only acquire trade-area
leading grocers. Additionally, we were particularly drawn to the
considerable daytime population, which is unique in this part of
Fairfield County, rivaling Danbury to the west and Norwalk to the
south.”
Urstadt Biddle Properties Inc. is a self-administered equity
real estate investment trust which owns or has equity interests in
78 properties containing approximately 5.3 million square feet of
space. Listed on the New York Stock Exchange since 1970, it
provides investors with a means of participating in ownership of
income-producing properties. It has paid 208 consecutive quarters
of uninterrupted dividends to its shareholders since its
inception.
Certain statements contained herein may constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors which may cause the actual results, performance or
achievements of the company to be materially different from any
future results, performance or achievements expressed or implied by
such forward-looking statements. Such factors include, among other
things, risks associated with the timing of and costs associated
with property improvements, financing commitments and general
competitive factors.
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version on businesswire.com: https://www.businesswire.com/news/home/20220203005786/en/
Willing L. Biddle, CEO or John T. Hayes, CFO or James Aries, SVP
Urstadt Biddle Properties Inc. (203) 863-8200
Urstadt Biddle Properties (NYSE:UBA)
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