June 14, 2019
REIT Urstadt Biddle sold Starbuck’s Plaza, a 10,100-square-foot retail property in Monroe, CT for $3.6 million. Located at 525 Main St., the property is currently occupied by a 1,700-square-foot Starbucks and a 2,900-square-foot M&T Bank, as well as other local tenants.
An unnamed local real estate investor acquired the property in an all-cash transaction. Urstadt Biddle has owned the property since 2007. The company currently owns or has equity interests in 83 properties containing approximately 5.3 million square feet of space.
“We are pleased to have sold this fully-leased asset at an attractive yield on existing income,” said Willing L. Biddle, CEO of Urstadt Biddle. “The company is continually evaluating all of its investment properties to determine if they continue to meet our current investment strategy. Although Monroe was a solid commercial property, it did not meet our current investment objectives.”
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