Company Ups Ante For Stamford Shopping Center: Report

GREENWICH, CT — A Greenwich-based commercial real estate company is planning to issue stock to raise money to purchase a larger stake in the popular High Ridge Shopping Center in Stamford, reports the Greenwich Time.

Urstadt Biddle Properties, founded by Charles Urstadt and Wing Biddle, already owns a minority share in the commercial site, which houses a Trader Joe's, Starbucks and more than a dozen other vendors. Earlier this year, Urstadt Biddle acquired Derby's Pershing Square Shopping Center for $9 million.

The value of the stock Urstadt Biddle intends to issue for the High Ridge site could reach $53.5 million. The shopping center generated about $3.5 million in revenue in its most recent reported quarter, according to the publication.

Click here to read the full story on the Greenwich Time website.

Photo of the High Ridge Shopping Center in Stamford via Google Maps