STAMFORD – Zelco Properties & Development, the development and acquisition arm of Westport-based Charter Realty, has purchased the High Ridge Shopping Center for about $63 million, according to city property records.
Zelco, along with an unnamed institutional real estate private equity firm and an operating partner focused on acquiring and repositioning retail real estate, recently completed the acquisition of the premier 153,000+-square-foot Whole Foods Market-anchored shopping center at 110 High Ridge Road.
Zelco and its team purchased the 55-year-old building – a former Lord & Taylor Department Store – from LT Stamford LLC. The property occupies a premier location fronting both High Ridge Road and Long Ridge Road, Stamford’s two primary commercial corridors. Anchored by Whole Foods Market and Saks Off 5th, the center serves as a retail destination for the surrounding community. The property includes 640 surface parking spaces.
The first floor is fully occupied by Whole Foods Market. Approximately 24,000 square feet of divisible space is available on the second level adjacent to Saks OFF 5TH, and an additional 50,000 square feet of divisible space is available on the third level. These spaces present a rare opportunity for anchor and complementary tenants to establish a presence in a high-performing center within a market where retail vacancy is at historic lows.
Charter Realty of Westport will be the exclusive leasing representative on behalf of the ownership group.
The property was last appraised for $35.26 million in 2024, which including more than $20 million in improvements, according to Stamford property records. The property was sold twice in the past 21 years for nearly $26 million in 2006 to LT Propco LLC and for $53,632 in 2015 to LT Stamford.
Zelco Properties & Development is a full-service real estate development and acquisition firm. With over 30 years of experience in retail and mixed-use properties, Zelco has completed more than 8 million square feet of projects valued at over $2 billion.
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