Sterling Buys Grocery-Anchored Plaza in Virginia for $31M
By Nick Trombola December 13, 2023 1:31 pm
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Sales of grocery-anchored retail plazas are a major force keeping the retail real estate market afloat across the U.S. — and the District of Columbia region is no different.
Private equity firm Sterling Organization announced earlier this week that it had acquired Braemar Village Center in Bristow, Va., for $31.4 million. Regency Centers was the previous owner, according to property records.
The 111,635-square-foot property at 12713 Braemar Village — which was built in 2003 — comprises five one-story buildings and is anchored by a roughly 58,000-square-foot Safeway grocery store. Other tenants at the complex include Dunkin’, Subway, Vocelli Pizza and Momentum Dental.
“We see a multitude of value-add opportunities at this property that our operations team is excited to execute on for our investor partners and the Bristow community,” Sterling principal Brian Kosoy said in a statement. “The affluent Bristow population that patronizes this property for its daily needs has an average household income exceeding $210,000, within one mile of the property.”
Braemar Village Center is now the 74th property owned by Sterling, bringing its national portfolio to over $2.8 billion in real estate value.
Sterling, which is based in West Palm Beach, Fla., also purchased a 103,000-square-foot grocery-anchored plaza, formerly known as Cherokee Plaza, in the Buckhead district of Atlanta in October, though the price was not disclosed.
Grocery-anchored complexes are getting nabbed all across D.C., Maryland and Virginia. Last month, Tide Realty Capital bought Reisterstown Road Plaza in Baltimore for $48.3 million. Tide Realty’s portfolio also includes a 71,000-square-foot retail center in Owing Mills, Md., known as Metro Square.
Back in August, New York-based real estate investment trust Kimco Realty purchased Stonebridge at Potomac Town Center, a 504,000-square-foot mixed-use property for $172.5 million. That property is anchored by supermarket Wegmans and also features a 308-unit apartment building.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
