A Florida-based private equity firm recently paid $54.2 million for the Copaco Center shopping plaza on Cottage Grove Road in Bloomfield. The Sterling Organization, headquartered in West Palm Beach, announced it has closed on the 439,644-square-foot property, which is anchored by a Stop & Shop and Lowe’s Home Improvement. The deal was finalized through three […]
A Florida-based private equity firm recently paid $54.2 million for the Copaco Center shopping plaza on Cottage Grove Road in Bloomfield.
The Sterling Organization, headquartered in West Palm Beach, announced it has closed on the 439,644-square-foot property, which is anchored by a Stop & Shop and Lowe’s Home Improvement.
The deal was finalized through three deeds recorded Aug. 28, transferring a total of 68.8 acres. The sellers were limited liability companies affiliated with Stamford-based AmCap Partners, a four-decade-old real estate investment firm with more than $1 billion in assets under management, according to its website.
Sterling said the acquisition was made on behalf of its institutional, value-add fund, Sterling Value Add Partners IV. At the time of closing, the shopping center was 93% leased, with tenants that include Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP and McDonald’s.
“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," Jordan Fried, a Sterling principal, said in a statement.
Sterling Organization and its affiliates currently own 80 properties across the United States, totaling more than 14 million square feet and $3 billion in value.
Christopher Angelone and Zach Nitsche of JLL’s retail capital markets team served as the listing agents.
