West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center in Bristol, Connecticut. The acquisition, made on behalf of the company’s value-add fund, signals an intent to improve and maximize the property’s potential. This move marks another expansion for Sterling in the New England retail market.
Key Takeaways
- Florida real estate company Sterling Organization has purchased Bristol Plaza.
- The 263,000-square-foot center is anchored by Stop & Shop and includes tenants like T.J. Maxx and Burlington.
- Sterling plans to enhance the property’s value through strategic management and leasing.
- The company also recently acquired Copaco Center in Bloomfield, CT.
Bristol Plaza Acquisition
Sterling Organization, a private equity real estate investment firm, has announced the acquisition of Bristol Plaza, located at 641 Farmington Avenue in Bristol, Connecticut. The 263,000-square-foot, grocery-anchored shopping center is anchored by a Stop & Shop supermarket and features national retailers such as T.J. Maxx, Burlington, Five Below, and Starbucks. While the sale price was not disclosed, the property’s appraised value is approximately $27.7 million.
The acquisition was completed for Sterling Value Add Partners IV, a $600 million institutional value-add fund. Jordan Fried, principal at Sterling Organization, stated that Bristol Plaza presents an opportunity for a high-performing, grocery-anchored retail center with immediate value-add potential. The company aims to leverage its operational expertise to increase the property’s value and serve the Bristol community.
Strategic Enhancements Planned
Bob Dake, also a principal at Sterling Organization, highlighted the immediate upside potential of the Bristol Plaza, noting nearly 25,000 square feet of available vacancy and the possibility to reimagine a 4-acre portion of the center. Sterling plans to collaborate with existing tenants and attract new brands to strengthen the tenant mix, benefiting both patrons and co-tenants.
Sterling Organization’s Portfolio
Sterling Organization and its affiliates own a substantial portfolio of 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, with over $1 billion in buying power across various strategies.
Previous New England Acquisition
This acquisition follows Sterling’s recent purchase of Copaco Center in Bloomfield, Connecticut. The 439,644-square-foot center, also anchored by Stop & Shop and Lowe’s Home Improvement, was acquired for $54.2 million. Copaco Center boasts tenants including Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP, and McDonald’s. Sterling views the Bloomfield location favorably due to its strong demographic profile, with nearly 75,000 residents within a three-mile radius and average household incomes exceeding $115,000.
Fried expressed enthusiasm about expanding Sterling’s presence in the Hartford market with the Copaco Center acquisition, aiming to enhance its value through targeted management and strategic leasing.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.
- Copaco Center in Bloomfield is sold for $54.2 million, Connecticut Post.