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Urstadt Biddle Properties Inc. (NYSE: UBA and UBP) has acquired Shelton Square Shopping Center in Shelton, CT for $33.6 million. The center spans 186,000 square feet and is anchored by a 67,000 square foot Stop & Shop, which also leases an additional 70,000 square feet. Currently, Shelton Square is 96.5% leased to various tenants, contributing to a strong daytime population of 32,000 within a 3-mile radius. This acquisition aligns with the company's strategy of targeting leading grocers in key markets.
Positive
Acquisition of Shelton Square for $33.6 million strengthens portfolio.
Property is 96.5% leased, ensuring stable cash flow.
Strategic location with a strong daytime population of 32,000.
Negative
The former Bed, Bath & Beyond space is currently vacant, which may pose a leasing challenge.
GREENWICH, Conn.--(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.
