Press Release

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.