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Urstadt Biddle buys 4-asset Conn. portfolio

Urstadt Biddle Properties Inc. bought a portfolio of four retail assets in Fairfield County, Conn., from an unnamed local family group.

The 98%-leased portfolio comprises the 87,300-square-foot High Ridge Shopping Center and three free-standing buildings, including a 4,200-square-foot building leased to Chase Bank; an 8,000-square-foot building leased to CVS; and a 12,000-square-foot building leased to Walgreens.

The company said the deal was structured as a DownREIT partnership, whereby it offered the seller a mix of cash and operating partnership units in a new entity set up to acquire the portfolio, excluding the 12,000-square-foot building which was bought simultaneously in an all-cash deal.

The company, which is the managing member of the newly established entity, will manage and lease the portfolio.