Sterling Organization, a private equity real estate investment firm headquartered in West Palm Beach, Florida, has acquired Bristol Plaza, a 263,000 square-foot, grocery-anchored shopping center in Bristol, Connecticut.
The property is anchored by the Stop & Shop grocery store and includes a mix of national and regional tenants including TJ Maxx, Burlington, Ocean State Job Lot and Jersey Mike’s. The company did not disclose the acquisition price, although the Hartford Courant reports the site (with buildings and land) is appraised at $27.7 million and assessed at $19.3 million.
“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,” said Bob Dake, principal at Sterling Organization. “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.”
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