Derby's Pershing Square Shopping Center Sells for Millions

DERBY, CT — The Pershing Square Shopping Center in Derby was recently sold for $9 million to Greenwich-based Urstadt Biddle Properties Inc., a self-administered equity real estate investment trust, company principals announced.

Located on Pershing Drive (Rt. 727), the shopping center is home to an Aldi Grocery Store, Panera Bread, Pet Valu, AT&T and Popeye’s, and is near a Wal-Mart, Lowe’s, Target, Home Depot, and BJ’s Wholesale Club.

"We are pleased to add Aldi to our list of supermarket anchors and acquire a property at which a majority of the tenants built their premises from the ground up, which acts to lower the risk of the investment," said Willing Biddle, President and CEO of Urstadt Biddle Properties Inc., in a statement.

Pershing Square is a 38,750 square foot shopping center, of which Aldi takes up nearly half at 17,100 square feet. In the 5-mile area surrounding the facility, which includes Shelton and Ansonia, there are approximately 97,000 people earning average household incomes of nearly $97,500 per year, according to the company.

Added Zach Fox, Vice President of Acquisitions for Urstadt Biddle Properties, "This was an opportunity to acquire an off-market, brand new construction anchored by Aldi, one of the strongest credit tenants in the world. The remainder of the tenants are national brands with safe, long-term leases."

Photo credit: Google Maps

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