A Florida private equity real estate investment company acquired a large Connecticut shopping plaza, according to the company.
The purchase is of the Bristol Plaza on Farmington Avenue, according to Sterling Organization, a real estate investment firm headquartered in West Palm Beach.
The 263,000 square-foot, grocery-anchored shopping center is located at 641 Farmington Ave., Bristol, is anchored by Stop & Shop, and includes national tenants such as T.J. Maxx, Burlington, Five Below, and Starbucks, according to Sterling.
The sale price was not named but the site, with buildings and land, is appraised at $27,709,100, and assessed at $19,396,370, Bristol tax records show.
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The company said the acquisition was completed on behalf of Sterling Organization’s $600 million institutional value-add fund, Sterling Value Add Partners IV.”
“Bristol Plaza represents an opportunity to acquire a high-performing, grocery-anchored retail center with immediate value-add potential,” said Jordan Fried, principal at Sterling Organization, in a statement. “With strong anchor performance and a necessity-based tenant mix, we’re excited to further enhance the property’s value and serve the Bristol community while delivering the financial returns our partners expect.”
Bob Dake, principal at Sterling Organization, “this high-performing asset offers immediate upside, with nearly 25,000 square feet of vacancy currently available for lease and the potential to reimagine an approximately 4-acre portion of the center in its entirety.”
“Our team is focused on leveraging our operational experience to maximize Bristol Plaza’s potential. We look forward to collaborating with existing tenants and welcoming new brands to the center as we seek to strengthen the mix for the benefit of the property’s patrons and co-tenants,” Dake said, also in a statement.
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Sterling said it and its affiliates own 82 properties throughout the United States, across “various funds and other investment vehicles, encompassing nearly 14 million square feet and exceeding $3 billion in value.”
“Sterling Organization is actively seeking investment opportunities and has over $1 billion of buying power in the aggregate across various investment strategies,” the company said in a statement.
Sterling also owns Copaco Center, a 439,644-square-foot grocery-anchored shopping center located in Bloomfield, also anchored by Stop & Shop, and Lowe’s Home Improvement, according to Sterling. “At acquisition the property was 93% leased, primarily to a mix of national tenants including Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP, and McDonald’s,” Sterling noted.
Sterling also noted the Bloomfield site, on Cottage Grove Road (Rt. 218) in Bloomfield, is in an area that includes employers such as Cigna, MetLife, and Waste Management, and is near Bradley International Airport and the University of Hartford. “Nearly 75,000 residents live within a three-mile radius, with average household incomes above $115,000,” according to Sterling.
Fried said about that site, “We are pleased to expand our geographic footprint into the Hartford market with the acquisition of Copaco Center via our Sterling Value Add Partners IV Fund. Having been familiar with the property for nearly a decade, our team is excited to enhance its value through targeted management, strategic leasing, and other value-add initiatives. These efforts should strengthen Copaco Center’s role in serving the local community while delivering strong results for our investor partners.”