The strip shopping center at 970 High Ridge Road in Stamford, CT sold recently for $13,293,500. Phoenix High Ridge, LLC sold the property on October 20, 2016 to the self-administered equity REIT Urstadt Biddle Properties, Inc. (UBP) in an all-cash transaction. The retail property is located on a major north/south artery in middle Stamford that sees a traffic volume of 31,000+ vehicles a day and benefits from a half-mile distance to Exit 35 of the Merritt Parkway.
The 27,000 square-foot shopping center was built in 1960 and is situated on a 1.12 acre site that slopes downward from street level. The design of the building takes advantage of this topography and allows a finished, above-grade lower level that effectively doubles the GLA. Both levels of the shopping center were fully leased at the time of sale, and include tenants such as FedEx, Verizon, and two local restaurants.
Zach Fox, Vice President of Acquisitions at UBP, commented in recent press release, “High Ridge Road in Stamford is one of the most sought after retail destinations in the state. Historically, this area has had a very low vacancy rate. This will be a strong, low risk investment for UBP for years to come.” Data provided via CoStar certainly would suggest the same, as vacancy rates for retail properties in the city of Stamford continue to their ten-year decline at 1.90%.