Urstadt Biddle Pays $47M for Greenwich Mixed-Use Properties

GREENWICH, CT—Locally-based Urstadt Biddle Properties Inc. has acquired two mixed-use properties here for $47.4 million. The properties total 89,000 square feet of retail, office and multifamily space.

The publicly traded self-administered equity REIT revealed the purchase price for the properties in an 8-K filing with the Securities and Exchange Commission on Wednesday. The acquisition closed on Aug. 28. The properties were purchased free and clear of mortgages. The purchase was funded with available cash, borrowings under the company's unsecured revolving credit facility and a $25-million unsecured term loan, according to the company's 8-K filing.

The first property is a three-story 48,000 square foot mixed-use property located on the Boston Post Road (Route 1) in the Cos Cob section of Greenwich, CT. The property is anchored by a 15,600-square-foot CVS Pharmacy and other retail tenants, including Robek's, Domino's Pizza and Member's Credit Union. The property also contains second floor offices and apartments on the third floor.

The property was built in 1986 and was originally occupied by Porricelli's Market before its conversion to CVS in 2008. The property is currently 97% occupied.

The second property purchased by Urstadt Biddle is a group of contiguous two-story mixed-use properties located at the intersection of Sound Beach Avenue and Arcadia Road. Containing 41,000 square feet, it comprises almost a square block in the Old Greenwich section of Greenwich and is adjacent to the Old Greenwich train station. The property is anchored by a newly renovated 18,200-square-foot King's Supermarket that replaced another Porricelli's Market in 2013. Company officials note that King's is the only grocery store south of Route 1 in Old Greenwich and has served this affluent submarket for more than 50 years.

Willing Biddle, president and CEO of Urstadt Biddle Properties Inc. said of the firm's Greenwich acquisitions, “We are pleased that in addition to the Chimblo retail portfolio we purchased last year, our acquisition program has again found us multiple retail properties in our own backyard of Greenwich, Connecticut. The acquisition of these properties helps to further one of our company goals of investing in high quality grocery- or drugstore-anchored shopping centers in the suburban areas surrounding New York City”.

James Aries, director of acquisitions at Urstadt Biddle Properties Inc. adds, “This portfolio of properties has been on our radar for some time and we are thrilled to finally own them. These properties have been owned by the same family for decades and selling them was a bittersweet event for them. Fortunately, the local family had faith in our ability to close quickly and without complication in addition to sharing common ownership philosophies which we believe factored significantly in their choosing to sell to Urstadt Biddle Properties.”