Silverstein Sells Ridgeway Shopping Center for $89.3M

STAMFORD, CT-Urstadt Biddle Properties Inc. of Greenwich, CT. has purchased the 360,000-sf Ridgeway Shopping Center here for $89.3 million from a partnership controlled by New York City developer Larry Silverstein and real estate investor Howard Menaker of Roseland, NJ.

The deal closed on Friday, June 7. Dan Zelson of Charter Realty and Development of Greenwich, Ct. represented the seller in the deal, which marked the largest acquisition ever for Urstadt Biddle Properties. The Ridgeway Shopping Center, which totals 331,000 sf of retail space and 29,000 sf of office space, is the largest retail center in the company’s portfolio. Prior to the sale, the company’s biggest retail asset was a 350,000-sf retail center in Springfield, Mass., says James Aries, vice president of acquisitions and leasing for Urstadt Biddle Properties.

The Ridgeway Shopping Center is the largest open-air shopping center in Fairfield County. Its tenant roster includes Bed, Bath & Beyond, Staples, Marshalls, Old Navy and Michaels Crafts. A 60,000-sf Stop & Shop Supermarket anchors the development.

Charles J. Urstadt, chairman and chief executive officer of Urstadt Biddle Properties says, “This acquisition is our largest to date and is a great step towards achieving our goal of acquiring $150 million of property in our region this year.”

Urstadt Biddle’s Aries says that the additional acquisitions in the pipeline for 2002 are in the company’s core markets of: Fairfield County, CT., Westchester, Rockland and Putnam counties in New York and Northern New Jersey. The company owns 26 properties containing approximately three million sf of space. In addition to its core markets, the company owns properties in Massachusetts, New Hampshire and Long Island, NY.

Willing Biddle, president of Urstadt Biddle Properties notes that the property’s location has made this property highly successful. “Ridgeway enjoys a unique position in the market being at the northern edge of Stamford’s downtown. The center benefits from both a transient office worker population and the densely populated Stamford residential neighborhoods surrounding the property,” Biddle notes.

The Ridgeway Shopping center was built in the 1950s and was substantially renovated during the late 1990s. The retail component is 96 percent leased. The nearly 30,000 sf of office space is entirely vacant and is now being marketed to not only office users but retail businesses such as furniture stores and health club oriented concerns, Aries related.