A Florida-based real estate investment company, Sterling Organization, has acquired the Bristol Plaza, a significant shopping center located on Farmington Avenue 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 leverage its expertise to increase the property’s overall value.
Key Takeaways
- Sterling Organization, headquartered in West Palm Beach, Florida, has purchased the Bristol Plaza.
- The 263,000 square-foot shopping center is anchored by Stop & Shop and features national tenants like T.J. Maxx, Burlington, Five Below, and Starbucks.
- The company plans to enhance the property’s value through strategic management and leasing, addressing existing vacancies and potentially redeveloping parts of the center.
Strategic Acquisition In Connecticut
Sterling Organization has added the Bristol Plaza, a substantial 263,000 square-foot retail center, to its portfolio. Situated at 641 Farmington Ave., the plaza is anchored by a Stop & Shop grocery store and includes a mix of national retailers such as T.J. Maxx, Burlington, Five Below, and Starbucks. While the exact sale price was not disclosed, public records indicate the property’s appraised value is approximately $27.7 million.
Plans For Value Addition
Company principals Jordan Fried and Bob Dake expressed enthusiasm for the acquisition, highlighting its potential for value enhancement. Fried noted the plaza’s strong performance and necessity-based tenant mix as key attractions. Dake pointed to the nearly 25,000 square feet of available space for new leases and the opportunity to reimagine a significant portion of the center. Sterling Organization intends to utilize its operational experience to maximize the plaza’s potential, aiming to strengthen its role in the community and deliver returns to its investors.
Sterling Organization’s Expanding Portfolio
This acquisition is part of Sterling Organization’s broader investment strategy. The firm currently manages a diverse portfolio of 82 properties across the United States, totaling nearly 14 million square feet and valued at over $3 billion. The company also recently acquired the Copaco Center in Bloomfield, Connecticut, another large grocery-anchored shopping center. Sterling Organization remains actively seeking new investment opportunities, possessing over $1 billion in buying power.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.