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Urstadt Biddle Properties to Build Self-Storage in Stratford, CT

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Urstadt Biddle Properties Inc., a self-administered equity real estate investment trust (REIT), is seeking to build a self-storage facility adjacent to the Dock Shopping Complex it owns in Stratford, Conn. The company has the land on Sidney Street under contract, but the development will require approval from town planners, according to the source.

The facility would comprise 120,000 square feet of storage space. Urstadt has yet to determine whether it would build and operate the facility itself or lease the land to another developer, CEO Wing Biddle told the source.

 

The 275,000-square-foot Dock Shopping Center, which currently houses a BJs Wholesale Club, is the second largest property in the Urstadt portfolio, the source reported. Its biggest is the Ridgeway Shopping Center in Stamford, Conn.

Urstadt already owns one self-storage facility in Yorktown Heights, N.Y., through a partnership with Extra Space Storage, a self-storage REIT and management company.

Based in Greenwich, Conn., Urstadt was founded in 1969. The firm owns, operates and develops retail shopping areas in communities surrounding New York City.

 

Sources:

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