Sterling Organization Acquires Three Grocery-Anchored Shopping Centers in California and Hawaii
Sterling Organization has acquired three grocery-anchored shopping centers totaling 277,057 square feet across California and Hawaii. The properties—Safeway Burlingame in Burlingame, Pleasanton Gateway Shopping Center in Pleasanton, and Kapahulu Shopping Center in Honolulu—are all anchored by high-performing Safeway stores and are located within affluent trade areas with strong demographic profiles. The acquisition was made on behalf of Sterling's Core shopping center fund series, Sterling United Properties (SUP). Each property is described as a 'super-core trophy' asset situated in land-constrained markets. The portfolio is collectively 99% leased and serves over 124,000 residents within three miles, with average household incomes exceeding $222,000. Sterling's principals emphasized the strategic value of these properties for generating consistent cash flow due to strong tenant demand and limited supply in their submarkets. The firm plans to leverage its leasing and asset management platforms to enhance performance.
Topics: acquisition private equity real estate shopping centers