A significant commercial real estate transaction has occurred in Bloomfield, Connecticut, with the sale of the Copaco Center for $54.2 million. The Florida-based Sterling Organization has acquired the expansive retail center, a move that signals new investment and potential enhancements for the popular shopping destination.
Key Takeaways
- The Copaco Center, a 439,644-square-foot retail hub, has been sold for $54.2 million.
- Sterling Organization, a private equity real estate investment firm from West Palm Beach, Florida, is the new owner.
- The previous owner, AmCap Inc. of Stamford, had held the property since 2005.
- The center is anchored by major retailers Stop & Shop and Lowe’s, and is 93% leased.
Deal Details and Sterling Organization’s Plans
The Sterling Organization, which owns 80 properties across the United States, made its third acquisition of a New England retail center with this purchase. This marks their first property in Connecticut. The firm’s principal, Jordan Fried, expressed enthusiasm for the acquisition, citing Bloomfield’s strong demographics as a key attraction. With nearly 75,000 residents within a three-mile radius and average household incomes exceeding $115,000, the location presents a promising market.
Sterling Organization plans to enhance the center’s value through strategic management, targeted leasing efforts, and other value-add initiatives. These efforts aim to solidify Copaco Center’s role within the community and generate strong returns for investors.
A Look Back at Copaco Center’s History
Prior to the sale, the retail center was owned by AmCap Inc., which had purchased it from the Bercowetz family for $40 million. The history of Copaco Center traces back to 1909, originating from a farm and country butcher operation started by Kalman Bercowetz, an immigrant from Russia. This historical context adds a layer of local significance to the property.
Tenant Mix and Community Impact
Copaco Center boasts a diverse mix of national retailers, including Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP, and McDonald’s, in addition to its anchor tenants, Stop & Shop and Lowe’s. The high occupancy rate of 93% underscores the center’s established presence and appeal to both consumers and businesses. Bloomfield officials were not immediately available for comment regarding the sale.