West Palm Beach-based Sterling Organization has acquired the Bristol Plaza, a significant shopping center in Bristol, Connecticut. The 263,000-square-foot property, anchored by Stop & Shop and featuring national retailers like T.J. Maxx and Burlington, was purchased on behalf of the company’s $600 million value-add fund. Sterling Organization plans to leverage its expertise to increase the plaza’s value and enhance its offerings for the community.
Key Takeaways
- Sterling Organization, a Florida private equity real estate investment company, has acquired Bristol Plaza in Bristol, Connecticut.
- The 263,000-square-foot shopping center is anchored by Stop & Shop and includes tenants such as T.J. Maxx, Burlington, Five Below, and Starbucks.
- The acquisition was made on behalf of Sterling Value Add Partners IV, a $600 million institutional value-add fund.
- Sterling Organization intends to enhance the property’s value through strategic leasing and operational improvements, noting nearly 25,000 square feet of available vacancy and potential to reimagine a 4-acre section.
- The company also owns Copaco Center in Bloomfield, CT, another grocery-anchored shopping center.
Acquisition Details
The Bristol Plaza, located at 641 Farmington Ave., is a substantial retail asset that Sterling Organization believes offers immediate value-add potential. The company highlighted the strong performance of its anchor tenant, Stop & Shop, and the necessity-based nature of its tenant mix as key factors in the acquisition. Sterling plans to capitalize on nearly 25,000 square feet of current vacancy and explore the potential to redevelop approximately 4 acres of the center.
Sterling Organization’s Strategy
Jordan Fried, principal at Sterling Organization, expressed enthusiasm for the opportunity to "further enhance the property’s value and serve the Bristol community." Bob Dake, also a principal, emphasized the company’s focus on leveraging its operational experience to maximize the plaza’s potential. This includes collaborating with existing tenants and attracting new brands to strengthen the center’s overall appeal.
Company Portfolio and Investment Focus
Sterling Organization and its affiliates manage a significant portfolio, owning 82 properties across the United States totaling 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. Their existing Connecticut holdings include the Copaco Center in Bloomfield, a 439,644-square-foot center also anchored by Stop & Shop, along with Lowe’s Home Improvement and other national retailers.
Sources
- Florida real estate company acquires large CT shopping plaza, Hartford Courant.