A Florida-based private equity real estate investment company, Sterling Organization, has acquired two significant shopping plazas in Connecticut: Bristol Plaza and Copaco Center in Bloomfield. The acquisitions were made on behalf of Sterling’s value-add fund, with plans to enhance the properties’ value through strategic management and leasing.
Key Takeaways
- Sterling Organization, headquartered in West Palm Beach, Florida, has purchased Bristol Plaza and Copaco Center.
- Both centers are grocery-anchored and feature a mix of national tenants.
- Sterling plans to implement value-add initiatives to improve the properties.
Bristol Plaza Acquisition
Sterling Organization has acquired Bristol Plaza, a 263,000-square-foot shopping center located at 641 Farmington Ave. in Bristol. The plaza is anchored by Stop & Shop and includes national retailers such as T.J. Maxx, Burlington, Five Below, and Starbucks. While the sale price was not disclosed, Bristol tax records indicate an appraised value of $27,709,100. The acquisition was made on behalf of 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 to acquire a high-performing, grocery-anchored retail center with immediate value-add potential. Bob Dake, also a principal, highlighted the available vacancy of nearly 25,000 square feet and the potential to reimagine a 4-acre portion of the center. Sterling aims to leverage its operational experience to maximize the plaza’s potential and collaborate with existing and new tenants.
Copaco Center Acquisition
In a separate transaction, Sterling Organization purchased Copaco Center, a 439,644-square-foot shopping center on Cottage Grove Road in Bloomfield, for $54.2 million. This center is also anchored by a Stop & Shop supermarket and Lowe’s Home Improvement. Other tenants include Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP, and McDonald’s. The property was 93% leased at the time of acquisition.
Sterling’s acquisition of Copaco Center marks its third retail center in New England and its first property in Connecticut. Fried noted the attractive demographics of Bloomfield, with nearly 75,000 residents within a 3-mile radius and average household incomes exceeding $115,000. Sterling plans to enhance Copaco Center’s value through targeted management and strategic leasing, strengthening its role in the local community.
Sterling Organization’s Portfolio
Sterling Organization and its affiliates own 82 properties across the United States, encompassing nearly 14 million square feet and valued at over $3 billion. The company is actively seeking new investment opportunities and possesses over $1 billion in buying power across various investment strategies.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.
- Copaco Center in Bloomfield is sold for $54.2 million, Connecticut Post.