Urstadt Biddle acquires two retail properties
Greenwich, Conn. — Urstadt Biddle Properties Inc. has acquired two retail properties on Putnam Avenue (US Route 1) in Greenwich, Conn., for $18 million.
West Putnam Plaza is a 9,300-sq.-ft. retail strip center shadow-anchored by a Stop & Shop supermarket. National tenants include Cosi and JP Morgan Chase Bank. A wine retailer, day spa and women’s fitness studio round out the tenant list.
The second property is Cos Cob Plaza, a 15,000-sq.-ft. retail and office center. Tenants include Jos. A. Bank.
Vintage Real Estate acquires The Mall at Whitney Field
Leominster, Mass. — Vintage Real Estate has purchased The Mall at Whitney Field, a 700,000-sq.-ft. regional shopping center in Leominster, Mass., about 35 miles west of Boston. Anchors include Macy’s, Sears, J.C. Penney, Market Basket, Toys “R” Us and Old Navy.
Concurrent with the acquisition, Burlington Coat Factor signed a 10-year lease for a 66,000-sq.-ft. space formerly occupied by Circuit City.
About 70 inline retailers and restaurants make up the remainder of the tenant list. National names include Victoria’s Secret, Bath & Body Works, Justice, Payless Shoes and Panera Bread. The center’s average sales per square foot is $355, which is above the national average.
The mall changed hands in 2007 for $82 million, including the assumption of a $74.5 million loan. The lender foreclosed in November 2010 with a $72.2 million loan balance. Eastdil Secured marketed the property.
Regency Centers purchases Preston Oaks
Dallas — Regency Centers Corp. has closed on an off-market acquisition of Preston Oaks, a 103,503-sq.-ft. infill neighborhood center anchored by H-E-B Central Market. National retailers include Gap, Pier 1 Imports and White House Black Market.
Located in the Preston Hollow neighborhood of Dallas, Preston Oaks serves a market of 109,000 within a three-mile radius. Average household income is $144,000. The market’s population swells to 118,000 during the day.
“Preston Oaks fits Regency’s standards for a dominant shopping center, including infill location, market-leading anchors and population density,” said Stuart Brackenridge, VP acquisitions and dispositions for Regency Centers.
With the Preston Oaks acquisition, Regency Centers owns 12 centers in the Dallas market.