A private equity firm based in Florida has acquired a large grocery-anchored shopping center in Bristol for $44 million.
The Sterling Organization has purchased Bristol Plaza, a 263,000-square-foot retail center anchored around 641 Farmington Ave., from Federal Realty Investment Trust, which had owned the property since 1995.
The plaza is anchored by a Stop & Shop and includes tenants such as T.J. Maxx, Burlington, Five Below and Starbucks.
According to Sterling, the acquisition was completed on behalf of its $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, a principal of the Sterling Organization, according to the release. “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.”
Sterling said the property currently has nearly 25,000 square feet of vacant space available for lease, as well as the potential to develop a 4-acre area at the center of the site.
“Our team is focused on leveraging our operational experience to maximize Bristol Plaza’s potential,” said Bob Dake, a Sterling principal. “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.”
Sterling reported that it and its affiliates own 82 properties across the United States through various investment vehicles, totaling nearly 14 million square feet and more than $3 billion in value.
Federal Realty said the Bristol Plaza sale was part of a broader $170 million asset sale.
