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February 11, 2022 REAL ESTATE ROUNDUP

Shelton shopping center fetches $33.6M

PHOTO | Courtesy Loopnet.com Shelton Square Shopping Center
By Michelle Tuccitto Sullo

A Greenwich-based real estate investment firm, Urstadt Biddle Properties Inc., recently acquired the Shelton Square Shopping Center for $33.6 million.  

The shopping plaza, at 858-902 Bridgeport Ave, Shelton, includes some 186,000 square feet of commercial space, including one large building and three pad sites on a 20-plus-acre parcel. 

A Stop & Shop supermarket is the primary tenant of the plaza, which is 96.5% leased, according to the firm. The remainder of the plaza has a variety of businesses, such as Edge Fitness, Hawley Lane Shoes, People’s United Bank, St. Vincent’s/Hartford Health, Burger King, Sports Clips, a pizzeria, liquor store, optician, beauty salon, jeweler, Chinese restaurant and physical therapist.

Willing Biddle, president of Urstadt Biddle Properties Inc. said the company acquired the property off-market via a direct transaction.

James Aries, senior vice president of acquisitions, said the purchase is consistent with the company’s strategy to “only acquire trade-area leading grocers.”

“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,” Aries said.

Urstadt Biddle Properties Inc. is a self-administered equity real estate investment trust. It reports that it owns or has equity interests in 78 properties with a total of approximately 5.3 million square feet of space. 

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Elm City office building sells for $925K

A multi-tenant office building at 240 Bradley St., New Haven, sold recently for $925,000. 

The 4,455-square-foot investment property is located near Yale University. 

J. Richard Lee and Will Braun of O,R&L Commercial in Branford represented both the seller, Brian Parri, and the buyer, BVT Holdings LLC.

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Social services group inks lease for North Haven property 

Corporation for Public Management has signed a seven-year lease for a 5,000-square-foot space at 12 Corporate Drive, North Haven. 

The tenant provides services to individuals with special needs to help them lead productive lives, and also works to address various social issues, such as teen pregnancy, joblessness and illiteracy. 

Kevin Geenty and Cheryl Morris of The Geenty Group, Realtors in Branford were the agents for the landlord, ONYX Connecticut LLC. Mario Longobucco of Coldwell Banker Commercial in Danbury represented the tenant.

Financial terms of the lease were not disclosed.

Contact Michelle Tuccitto Sullo at msullo@newhavenbiz.com.

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