Jon Angel, president of Angel Commercial, LLC, announced that the former Stratfield Market building at 1280 Stratfield Road in Fairfield, CT, has a new owner. A private investment group has purchased the property for $1,200,000 from Urstadt-Biddle of Greenwich, CT, who acquired the property just a few months ago. The retail property is a 9,612 s/f two-story commercial building on 0.90 acres of land in the Stratfield Section of Fairfield, CT. The building has been vacant for over a decade. The Stratfield Market was open for over 50 years and closed in 2006 after lease negotiations with the landlord failed. Walgreens attempted to open a store at this location but drew strong opposition from neighbors. Located at a four-way signalized intersection at the corner of Stratfield Road and Fairfield Woods Road with four curb cuts, the property is in the hub of a neighborhood shopping area. It provides 35 parking space, 214 linear feet of frontage on Stratfield Road, and prominent pole signage.
Urstadt Biddle Properties Inc. announced today that it has acquired the Waldwick Plaza Shopping Center in Waldwick, NJ. Waldwick Plaza is a 26,500 s/f shopping center, whose tenants include a U.S. Post Office, Supercuts, Verizon, Massage Envy, The Little Gym, and local tenants such as a liquor store, dry cleaner, nail salon, and Italian restaurant. Waldwick Plaza is located at the traffic-lighted intersection of Franklin Turnpike and Wyckoff Avenue. The property is fully leased and has a long history of high occupancy. The new owners plan to replace the roof, and make other repairs to the property to enhance its value. It will be a solid long-term investment for our company.
Cushman & Wakefield has orchestrated the trade of Washington Commons, a grocery-anchored, mixed-use property in Dumont. Through a downREIT transaction, Urstadt Biddle Properties acquired a controlling equity interest in the asset at 40 Washington Ave. from a privately held ownership entity. Located on 5.5 acres, with a GLA of 75,400 s/f, Washington Commons features a Stop & Shop location, four in-line retail tenants and 26 multifamily rental units. The property was fully occupied at the time of the trade, according to Cushman & Wakefield capital markets specialist Seth Pollack, who brokered the transaction. The property traded at a cap rate of 6.2 percent.
Griffin Industrial Realty, Inc. closed on the sale of 76 acres of undeveloped land in Southwick, Massachusetts for approximately $2.1 million in cash. The purchaser is a regional utility company that has indicated that it intends to install a solar generation facility on the land acquired. At closing, the sale proceeds were placed in escrow for the potential purchase of a replacement property under a like-kind exchange under Section 1031 of the Internal Revenue Code.
Friedman-Roth Realty Services announced the sale of an apartment building located at 345 East 33rd Street. The building is situated between First Avenue and Second Avenue in Kips Bay. It is a five-story walk-up with 17 residential units. The building has 25 feet of frontage and encompasses 10,625 s/f. This is the first sale of the property in more than 20 years. The selling price was $7,200,000, or $677 per square foot. Eric Lupo represented both the seller and the buyer, Jared and Steven Pinchasick of JAM Real Estate Partners.
Allergan Sales LLC and one of its subsidiaries, LifeCell Corp., have leased and purchased two buildings at Branchburg Corporate Campus owned by Murray Construction. The 136,283 s/f 1 Millennium Way in Branchburg, NJ, serves as the U.S. headquarters for LifeCell, which just signed a new 12-year lease at the building. Simultaneously, the brokerage teams negotiated the acquisition of 4 Millennium Way, a 147,000 s/f property, for Allergan Sales LLC. Murray Construction, the landlord and seller of the buildings, was exclusively represented by Newmark Knight Frank vice chairman and COO for New Jersey David Simson. The tenant and buyer were represented by JLL international director Dan Loughlin and vice president Jodie Matthews. Michael Nachtome, COO Murray Construction was integral in completing the transaction on behalf of the ownership, in conjunction with Robert Brown, lead attorney at Epstein, Brown & Gioia, LLC.
Adelaide Polsinelli, senior managing director and principal at Eastern Consolidated, has been retained to sell a 4,952 s/f retail condominium offering 35 feet of frontage, high ceilings and natural light at 62 White Street, between Broadway and Church Street in Tribeca. The asking price is $6.5 million. The condo will be delivered vacant. It is located at the base of a recently restored cast-iron loft building that also includes eight residential condominiums. The condo includes approximately 3,364 s/f and 16 ft. ceilings on the ground floor; 254 s/f and 10 ft. ceilings on the cellar level; and 1,334 s/f and 20 ft. ceilings in the sub-cellar. Chris Matousek, director financial services, is the analyst for the offering.