GREENWICH REIT CONTINUES TO EXPAND
Other retailers doing business at the shopping center are Dollar Tree, Radio Shack, Hallmark and GameStop, as well as Union Savings Bank.
The 22-acre site on Route 7 was sold by GRE New Milford LLC (Guggenheim Real Estate LLC), which had purchased the shopping plaza, built in 1970 and renovated in 1990, for $20.69 million from FNM Associates LLC in late 2006.
Urstadt Biddle, a self-administered real estate investment trust (REIT), had acquired Veterans Plaza at 1 Kent Road (Route 7), home to Big Y and other retail stores over a year ago,
The REIT’s general area of interest, or core marketplace, ranges from south of Hartford through Fairfield County and into Westchester.
Urstadt Biddle recently acquired Village Commons in Katonah, N.Y., and a majority interest in Putnam Plaza Shopping Center in Carmel, N.Y., according to a statement Mr. Biddle made to The Commercial Record.
“Our other formula is to buy retail next to a mall,” Mr. Biddle said in the interview, pointing out that the REIT has purchased two shopping areas in Danbury that fit that description.
Regarding Urstadt Biddle’s acquisitions in Connecticut - Stop & Shop leases a space at five of the shopping plazas
This is UB's first Wal-Mart acquisition.
Having two properties two route 7 properties less than two miles apart should help to maximize operational cost savings due to economies of scale.
There are two retail vacancies—formerly Fashion Bug and The Hobby Store, at the New Milford Plaza, according to the company president, who pointed out that a vacant 15,000-square-foot warehouse at the back is also available for lease.
The leases for these vacant spaces are priced for today’s market.
Apparent vacancies at Veterans Plaza are somewhat misleading, because Big Y leases two stores next to it for possible expansion.
Urstadt Biddle Properties Inc., which is traded publicly on the New York Stock Exchange, owns 49 properties containing approximately 4.4 million square feet of space and has paid 161 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
Having two properties two route 7 properties less than two miles apart should help to maximize operational cost savings due to economies of scale.
There are two retail vacancies—formerly Fashion Bug and The Hobby Store, at the New Milford Plaza, according to the company president, who pointed out that a vacant 15,000-square-foot warehouse at the back is also available for lease.
The leases for these vacant spaces are priced for today’s market.
Apparent vacancies at Veterans Plaza are somewhat misleading, because Big Y leases two stores next to it for possible expansion.
Urstadt Biddle Properties Inc., which is traded publicly on the New York Stock Exchange, owns 49 properties containing approximately 4.4 million square feet of space and has paid 161 consecutive quarters of uninterrupted dividends to its shareholders since its inception.
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