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Silverstein Sells Ridgeway Shopping Center for $89.3M

STAMFORD, CT-A partnership controlled by New York City developer Larry Silverstein has sold the 360,000-sf Ridgeway Shopping Center here to Urstadt Biddle Properties of Greenwich, CT. for $89.3 million.

By John Jordan | Updated on June 11, 2002

STAMFORD, CT-Urstadt Biddle Properties Inc. of Greenwich, CT. has purchased the 360,000-sf Ridgeway Shopping Center here for $89.3 million from a partnership controlled by New York City developer Larry Silverstein and real estate investor Howard Menaker of Roseland, NJ.

The deal closed on Friday, June 7. Dan Zelson of Charter Realty and Development of Greenwich, Ct. represented the seller in the deal, which marked the largest acquisition ever for Urstadt Biddle Properties. The Ridgeway Shopping Center, which totals 331,000 sf of retail space and 29,000 sf of office space, is the largest retail center in the company’s portfolio. Prior to the sale, the company’s biggest retail asset was a 350,000-sf retail center in Springfield, Mass., says James Aries, vice president of acquisitions and leasing for Urstadt Biddle Properties.

The Ridgeway Shopping Center is the largest open-air shopping center in Fairfield County. Its tenant roster includes Bed, Bath & Beyond, Staples, Marshalls, Old Navy and Michaels Crafts. A 60,000-sf Stop & Shop Supermarket anchors the development.

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