Sterling Organization, a private equity retail real estate investment firm based in West Palm Beach, Florida, has acquired Rossmoor Shopping Center, a 118,846-square-foot shopping center in Walnut Creek, California, for $61.1 million.
Located in the San Francisco Bay Area, Rossmoor Shopping Center is anchored by a 25,191-square-foot Safeway grocer and a 14,500-square-foot CVS Pharmacy. Other tenants include John Muir Health, Starbucks, Chase Bank, Wells Fargo Bank, Crumbl Cookie, Taco Bell, Mountain Mike’s Pizza, USPS, Salons by JC, and UPS.
The property was acquired on behalf of Sterling Organization’s Sterling United Properties II LP (SUP II), a $267 million equity fund that is focused on investing in stabilized grocery-anchored shopping centers. With this acquisition, SUP II now owns 17 properties encompassing over 2.1 million square feet of gross leasable area.
“We are thrilled to add Rossmoor Shopping Center to our SUP II portfolio,” said Bob Dake, principal of Sterling Organization. “This property is a great asset and essential hub for the community. We see tremendous potential to further elevate its appeal through thoughtful enhancements and active asset management. Our team’s goal, over time, with small tweaks, is to create an even more dynamic and engaging environment for both shoppers and tenants.”
