West Palm Beach-based 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 Sterling’s intent to leverage its expertise to increase the property’s value.
Key Takeaways
- Florida real estate investment firm 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 and Burlington.
- Sterling plans to enhance the plaza’s value through strategic leasing and operational improvements.
- The acquisition is part of Sterling’s broader strategy to invest in value-add retail properties.
Strategic Acquisition in Bristol
The Bristol Plaza, a 263,000-square-foot grocery-anchored shopping center, is prominently situated at 641 Farmington Ave. The plaza’s anchor tenant is Stop & Shop, and it also boasts 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.
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, "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."
Plans for Value Enhancement
Sterling Organization’s principals highlighted the immediate upside potential of the Bristol Plaza. Bob Dake, also a principal at Sterling, noted that the center has nearly 25,000 square feet of available space for lease and the potential to reimagine approximately 4 acres of the property. The company plans to utilize its operational experience to maximize the plaza’s potential, focusing on strategic leasing and collaborating with existing tenants while attracting new brands to strengthen the tenant mix.
Sterling Organization’s Portfolio and Strategy
This acquisition aligns with Sterling Organization’s broader investment strategy. The firm currently owns 82 properties across the United States, totaling nearly 14 million square feet and valued at over $3 billion. Sterling is actively seeking new investment opportunities and possesses over $1 billion in aggregate buying power across various investment strategies.
In addition to the Bristol Plaza, Sterling also owns the Copaco Center in Bloomfield, Connecticut. This 439,644-square-foot shopping center is also anchored by Stop & Shop and includes tenants like Lowe’s Home Improvement, Burlington, Planet Fitness, and CVS. Sterling views the Hartford market, where Copaco Center is located, as a key area for expansion and value creation through targeted management and strategic leasing.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.