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 $600 million value-add fund, signals an intent to improve and capitalize on the property’s existing strengths and potential for growth.
Key Takeaways
- Sterling Organization, a Florida private equity real estate investment company, has purchased the Bristol Plaza.
- The 263,000 square-foot center is anchored by Stop & Shop and includes national retailers like T.J. Maxx and Burlington.
- The company plans to enhance the plaza’s value through strategic leasing and operational improvements.
Strategic Acquisition in Bristol
The Bristol Plaza, located at 641 Farmington Avenue, is a substantial 263,000 square-foot grocery-anchored shopping center. Its current tenant roster includes national brands such as Stop & Shop, T.J. Maxx, Burlington, Five Below, and Starbucks. While the exact sale price was not disclosed, Bristol tax records indicate an appraised value of $27,709,100.
Plans for Value Addition
Sterling Organization views the Bristol Plaza as an opportunity to implement its value-add strategy. Jordan Fried, principal at Sterling, stated, "Bristol Plaza represents an opportunity to acquire a high-performing, grocery-anchored retail center with immediate value-add potential." The company intends to leverage its operational expertise to maximize the property’s potential. Bob Dake, also a principal at Sterling, highlighted the immediate upside, noting nearly 25,000 square feet of available vacancy and the potential to re-imagine approximately 4 acres of the center.
Sterling Organization’s Portfolio
This acquisition adds to Sterling Organization’s extensive portfolio, which comprises 82 properties across the United States, totaling nearly 14 million square feet and valued at over $3 billion. The company is actively seeking further investment opportunities, possessing over $1 billion in aggregate buying power. Sterling also owns the Copaco Center in Bloomfield, Connecticut, another large grocery-anchored shopping center featuring tenants like Lowe’s Home Improvement, Burlington, and Planet Fitness.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.