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Monday, May 24, 2010

05/24/10 Old Greenwich News From Hearst Newspapers

Photo: The Stop & Shop Plaza in New Milford has been purchased for $22.5 million dollars by Greenwich real estate investor Willing Biddle. Photo taken Monday, May 24, 2010. Photo: Carol Kaliff / The News-Times

Stop & Shop plaza purchased by Greenwich company

Danbury News Times And Maybe Coming Soon To The Greenwich Time

By: Hearst Newspaper Reporter Susan Tuz

The Stop & Shop plaza on Route 7 in New Milford has a new owner.

Regional real estate investor Willing Biddle has purchased the shopping complex for $22.5 million through his company, Urstadt Biddle Properties Inc. of Greenwich.

"We bought it two weeks ago," Biddle said Monday while at a leasing convention in Las Vegas. "We like the New Milford area and think it has potential for significant growth with the expansion of Route 7."

Biddle bought the Big Y plaza in New Milford over a year ago and said it is partly due to the success of that purchase that he decided to further invest in New Milford.

Biddle, who owns the Danbury Square shopping plaza and Airport Plaza, as well as properties elsewhere in Fairfield County and in other counties, was in Las Vegas talking to major retailers from across the country to fill several sites.....

..... Still in the plaza are the anchor stores Stop & Shop andWalmart, as well as retailers including Dollar Tree, Radio Shack, Hallmark and GameStop.

Union Savings Bank will be moving its branch office in the plaza across the road to Litchfield Crossing, which is now under development.

Biddle said the vacant stores will be leased at the going market rates.

Biddle founded Urstedt Biddle Properties in 1969. It owns 49 properties, with some 4.4 million square feet of space, and is traded on the New York Stock Exchange. It has paid consecutive, uninterrupted dividends since its inception, according to the company website.....

PLEASE SEE THIS GREENWICH ROUNDUP

REPORT FROM THREE DAYS AGO:

05/21/10 New Milford Shopping Plaza Sold To Urstadt Biddle Properties Inc. of Greenwich

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