The Townline Square Shopping Center, in Meriden, has sold to a New Jersey based private real estate investment group for $44.5 million. The seller, Urstadt Biddle Properties, Inc., will use proceeds to repay revolving debt utilized to acquire grocery anchored shopping centers in 2014 and 2015. The sale of the property concluded an effort by seller to focus their portfolio on properties located in the New York Metro area. Urstadt Biddle’s portfolio is now nearly entirely comprised of properties located in New York City suburbs, and has an occupancy rate of 97%.
Located at 533 South Broad Street, the Townline Square Shopping Center is anchored by tenants such as Burlington Coat Factory, Big Y Supermarkets, Marshalls, and Edge Fitness. The center sits on 29 acres of land, and contains approximately 315,000 square feet of space. The seller routinely made façade and interior improvements, and focused on leasing the property to national tenants.