Urstadt Biddle Properties Inc., a real estate investment trust (NYSE: UBA and UBP) today announced the opening of a new supermarket anchor, BIG Y World Class Market, in its Townline Square Shopping Center in Meriden, CT. The tenant will occupy 55,000 square feet of GLA with a lease that extends through 2031. Big Y and the Company jointly invested over $3 million in the redevelopment of the tenant site which was formerly occupied by another grocery store tenant that vacated the shopping center in 2010. The new lease will generate approximately $900,000 in rental income for the Company during its first year and will help attract a large number of customers to the shopping center. The Big Y World Class Market is owned by Big Y Foods, Inc., a full service supermarket chain owned by the D’Amour family and headquartered in Springfield, MA. The business was founded in 1936 with the opening of its first store in Chicopee, MA. Big Y currently owns and operates 61 supermarkets in the northeast part of the United States. A Big Y World Class Market is also the anchor tenant at the Company’s Five Town Plaza Shopping Center in Springfield, MA and its Veteran’s Plaza Shopping Center in New Milford, CT.
The World Class Market will include a pharmacy, an International Food Court, a full-service seafood department, cheeses from around the world, a full bakery and a floral department. About 150 employees will work at the new store. Additionally, the store’s 15 extra-wide grocery aisles carry specialty foods from such areas as Asia, Europe, Canada, and the Middle East, along with a variety of cookware in the baking aisle, gluten-free items and an expanded selection of condiments.
Willing Biddle, President of UBP said, “We are pleased to announce the opening of this brand new Big Y Foods World Class Market in Meriden, CT, our third lease with this very strong and successful grocer. Big Y will enhance our tenant base at this shopping center and continue the revitalization of the property.”
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