Sterling Organization Goes Shopping for Grocery-Anchored Centers

Grocery store-anchored real estate began booming during the pandemic—part of an acquisitions trend that continues in 2022.

Sterling Organization acquired two premier grocery-anchored shopping centers totaling 280,000 square feet in a portfolio transaction announced this week.

Based in affluent neighborhoods, The Grove (Orlando MSA) and Riverfront Plaza (New York MSA) were acquired on behalf of Sterling’s institutional grocery-anchored shopping center core fund, Sterling United Properties, for $113.75 million and mark the 11th and 12th investments made by the Fund.

The Grove, located in Windermere, Fla., is a 151,752-square-foot Publix-anchored shopping center that is home to national retailers Wells Fargo, Great Clips, Charles Schwab, AT&T, and BurgerFi. 

Riverfront Plaza is a 128,968-square-foot, ShopRite-anchored shopping center located in Hackensack, N.J., approximately 13 miles from Manhattan. Additional tenants at the property include Chase Bank, AT&T, H&R Block, Sherwin Williams, KFC and Taco Bell.

Attractive ‘Buying Power’ Demographics

The properties have combined average demographics of more than 130,000 people living within three miles and average household incomes of approximately $120,000,” Brian Kosoy, Managing Principal and CEO of Sterling Organization, said in prepared remarks.

Such grocery-related demand—such as recent expansion for discount chain ALDI—is creating big opportunities for net lease investors.

Sterling Organization is a growing player in grocery-anchored real estate. It currently owns 74 properties, across multiple funds, in major markets throughout the United States exceeding 12.1 million square feet and approaching $2.5 billion in value.

Its national platform is focused on investing in LAST HOUR consumer fulfillment and distribution real estate assets in major markets within the US.