Greenwich, Conn. – According to the REIT, the properties are protected from new competition due to high barriers to entry and a lack of developable land in the area.
The property in the Cos Cob section of Greenwich, Conn., purchased by Urstadt Biddle Properties Inc. is anchored by a 15,600-square-foot CVS Pharmacy, and houses other retail tenants, including Robek’s, Domino’s Pizza and Member’s Credit Union.Greenwich, Conn. – Urstadt Biddle Properties Inc. has acquired two mixed-use properties totaling 89,000 square feet in Greenwich. Greenwich Time reports the purchase price was $47.4 million. 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. The property is anchored by a 15,600-square-foot CVS Pharmacy, and houses other retail tenants, including Robek’s, Domino’s Pizza and Member’s Credit Union. The property also contains second floor offices and third floor apartments. The property was built in 1986 and was originally occupied by Porricelli’s Market. The property is currently 97 percent occupied.
The second property is a group of contiguous two-story mixed-use properties. The property is comprised of 41,000 square feet in the Old Greenwich section of Greenwich and is adjacent to the Old Greenwich train station. A newly renovated 18,200-square-foot King’s Supermarket that replaced another Porricelli’s Market in 2013 anchors the property. This is the only grocery store south of Route 1 in Old Greenwich. In addition to the supermarket building, the block consists of retail properties and a freestanding building that is leased to the U.S. Post Office. Tenants include Dunkin’ Donuts, Panache Salon and Chillybear.
— Scott Reid