West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center located in Bristol, Connecticut. The deal, completed on behalf of the company’s $600 million institutional value-add fund, Sterling Value Add Partners IV, signals a strategic move by the Florida firm to invest in and enhance the value of established retail properties.
Key Takeaways
- Sterling Organization, a private equity real estate investment company, has purchased Bristol Plaza in Connecticut.
- The 263,000 square-foot center is anchored by Stop & Shop and includes national tenants like T.J. Maxx, Burlington, Five Below, and Starbucks.
- The acquisition aims to leverage immediate value-add potential, including leasing existing vacancies and potentially redeveloping a portion of the property.
- Sterling Organization has a substantial portfolio across the U.S. and is actively seeking new investment opportunities.
Strategic Acquisition in Connecticut
The Bristol Plaza, situated at 641 Farmington Ave., is a substantial 263,000 square-foot, grocery-anchored shopping center. Its primary anchor is Stop & Shop, complemented by a strong mix of national retailers such as T.J. Maxx, Burlington, Five Below, and Starbucks. While the exact sale price was not disclosed, Bristol tax records indicate the property, including buildings and land, is appraised at $27,709,100.
Plans for Value Enhancement
Sterling Organization views Bristol Plaza as an opportunity to acquire a high-performing, necessity-based retail center with significant potential for value addition. Jordan Fried, principal at Sterling Organization, stated that the company is "excited to further enhance the property’s value and serve the Bristol community." Bob Dake, also a principal, highlighted the immediate upside, noting nearly 25,000 square feet of available space for lease and the potential to reimagine approximately 4 acres of the center. Sterling plans to utilize its operational expertise to maximize the plaza’s potential, collaborating with existing tenants and attracting new brands.
Sterling Organization’s Broader Portfolio
This acquisition adds to Sterling Organization’s extensive portfolio, which comprises 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 grocery-anchored shopping center featuring tenants like Lowe’s Home Improvement, Burlington, Planet Fitness, and CVS. Sterling Organization continues to actively seek investment opportunities, possessing over $1 billion in aggregate buying power across various investment strategies.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.