The former Stratfield Market building in Fairfield is under new ownership.

A private investment group has purchased the property for $1.2 million from Greenwich-based Urstadt-Biddle, which acquired the property just a few months ago.

The retail property is a 9,612-square-foot, 2-story commercial building on 0.90 acres of land in the Stratfield section of Fairfield.

The building has been vacant for over a decade. The Stratfield Market was open for over 50 years and closed in 2006 after lease negotiations with the landlord failed. Walgreens attempted to open a store at this location but drew strong opposition from neighbors, according to Southport-based Angel Commercial LLC.

“The new property owners are focused on securing an appropriate tenant for the neighborhood,” Jon Angel, president of Angel Commercial and the sole broker in the transaction, said in a statement. “While a new food market is certainly a possibility, there are many potential uses for this property, and it remains available.”

Located at a four-way signalized intersection at the corner of Stratfield Road and Fairfield Woods Road with four curb cuts, the property provides 35 parking spaces.