STRATFORD, CT-Urstadt Biddle Properties Inc. acquired the Dock Shopping Center here for $50.3 million. The company acquired the nearly 270,000-sf shopping center from a family that controlled the complex for several generations. The reported purchase price does not include closing costs associated with the sale of the complex.
"We have added to our portfolio one of the largest shopping centers in Fairfield County containing 269,000 sf of retail space, additional land and an adjacent 192-slip marina," says Willing Biddle, president of Urstadt Biddle.
Charles J. Urstadt, chairman and chief executive officer of Urstadt Biddle adds, "This acquisition is one of our largest to date and continues our strategic goal to be the dominant retail real estate owner in Fairfield and Westchester counties." The company owns 34 properties containing approximately 3.7 million sf of space.
The Dock Shopping Center is 97%-leased and has 14 tenants, anchored by a 60,000-sf Stop & Shop supermarket. The center's tenant roster also includes Staples, Blockbuster Video and Toyworks. Located at 955 Ferry Blvd., the center was built in the 1970s and expanded during the late 1980s. The property's marina on the Housatonic River shoreline was built in the 1990s.
Urstadt Biddle officials say the acquisition was funded with available cash, tax-deferred exchange proceeds from a property sale and borrowings of $17.5 million under the company's secured line of credit.
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