Tuesday, October 22, 2019
Sterling Organization Acquires 123,917 sq. ft. ‘Bluffs Square Shoppes’ in Jupiter, FL for $25.775 million.
Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Bluffs Square Shoppes, a grocery-anchored shopping center located along US Highway 1 in Jupiter, Florida. The property was purchased in an off-market transaction from Regency Centers for $25.775 million or $208 per square foot.
Bluffs Square Shoppes is a 123,917-square-foot, 94% occupied shopping center anchored by Publix Super Markets and Walgreens, which are complemented by various restaurants, boutiques, and service-based retailers. The property is situated less than a quarter mile from the Atlantic Ocean in an affluent south Florida submarket with average annual household income of over $150,000 within a 3-mile radius.
“Bluffs Square Shoppes is located in our backyard and sits on excellent, fundamentally sound real estate. Our team believes that this asset will generate the risk-adjusted returns desired by our investment partners,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “We are pleased to add another high-quality property to our growing portfolio, and as always, appreciate the professional manner that Regency Centers displays as a counterparty,” he added.
With the addition of Bluffs Square Shoppes, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 56 properties from coast to coast, comprising more than 10 million square feet of primarily retail real estate approaching $2 billion in value.
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About Sterling Organization: Sterling Organization is a vertically integrated private equity real estate firm whose national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in West Palm Beach, FL.