West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center located at 641 Farmington Ave. in Bristol, Connecticut. The acquisition, made on behalf of the company’s $600 million institutional value-add fund, Sterling Value Add Partners IV, signals the firm’s intent to enhance the property’s existing value and tenant mix.
Key Takeaways
- Florida real estate investment company Sterling Organization has purchased Bristol Plaza in Connecticut.
- The 263,000 square-foot center is anchored by Stop & Shop and includes national retailers like T.J. Maxx, Burlington, Five Below, and Starbucks.
- Sterling Organization plans to leverage its operational expertise to increase the plaza’s value, citing opportunities in leasing vacant space and potentially redeveloping a portion of the property.
Strategic Acquisition and Value Enhancement
The 263,000 square-foot Bristol Plaza is a grocery-anchored shopping center, with Stop & Shop serving as its primary anchor. The plaza also boasts a strong roster of national tenants, including T.J. Maxx, Burlington, Five Below, and Starbucks. While the exact sale price was not disclosed, the property’s buildings and land are appraised at over $27.7 million.
Jordan Fried, principal at Sterling Organization, expressed enthusiasm for the acquisition, stating, "Bristol Plaza represents an opportunity to acquire a high-performing, grocery-anchored retail center with immediate value-add potential." He added that the company is "excited to further enhance the property’s value and serve the Bristol community while delivering the financial returns our partners expect."
Future Plans for Bristol Plaza
Bob Dake, also a principal at Sterling Organization, highlighted the immediate upside potential, noting nearly 25,000 square feet of available space for lease and the possibility of reimagining approximately 4 acres of the center. Sterling Organization plans to utilize its operational experience to maximize the plaza’s potential, aiming to strengthen its tenant mix for the benefit of shoppers and existing tenants.
Sterling Organization’s Portfolio Expansion
This acquisition marks another strategic move for Sterling Organization, which currently owns 82 properties across the United States, totaling nearly 14 million square feet and valued at over $3 billion. The company also owns the Copaco Center in Bloomfield, Connecticut, another large grocery-anchored shopping center featuring tenants like Lowe’s Home Improvement, Burlington, Planet Fitness, and CVS. Sterling Organization remains actively seeking new investment opportunities with significant buying power.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.