West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center located 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 further enhance the property’s value.
Key Takeaways
- Florida’s Sterling Organization has purchased the 263,000-square-foot Bristol Plaza.
- The plaza is anchored by Stop & Shop and includes national tenants like T.J. Maxx and Burlington.
- Sterling Organization plans to leverage its operational expertise to increase the property’s value.
Strategic Acquisition In Connecticut
Sterling Organization, a private equity real estate investment company, has officially acquired the Bristol Plaza, a substantial 263,000-square-foot shopping center situated at 641 Farmington Avenue in Bristol, Connecticut. The plaza is prominently anchored by a Stop & Shop grocery store and features a strong mix of national retailers, including 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. The acquisition was completed as part of Sterling Organization’s Sterling Value Add Partners IV fund, which has a total of $600 million in capital.
Plans For Value Enhancement
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 further added, "With strong anchor performance and a necessity-based tenant mix, we’re excited to further enhance the property’s value and serve the Bristol community while delivering the financial returns our partners expect."
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 a significant portion of the center. "Our team is focused on leveraging our operational experience to maximize Bristol Plaza’s potential," Dake stated. "We look forward to collaborating with existing tenants and welcoming new brands to the center as we seek to strengthen the mix for the benefit of the property’s patrons and co-tenants."
Sterling Organization’s Portfolio
This acquisition adds to Sterling Organization’s extensive portfolio, which comprises 82 properties across the United States, encompassing nearly 14 million square feet and valued at over $3 billion. The company is actively seeking further investment opportunities and possesses over $1 billion in aggregate buying power across various investment strategies.
Previously, Sterling Organization acquired the Copaco Center in Bloomfield, Connecticut, a 439,644-square-foot grocery-anchored shopping center also featuring Stop & Shop and Lowe’s Home Improvement. This expansion into the Hartford market demonstrates Sterling’s commitment to strategic growth and enhancing retail assets within the region.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.