Sterling Organization plants its flag in the Boston MSA
Sterling acquires a 173,798 sq. ft. grocery-anchored center, ‘Tedeschi Plaza,’ in Braintree, MA for $44.28 million
Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Tedeschi Plaza, a 174,344-square-foot grocery-anchored shopping center located in Braintree, MA. The property is situated just 12 miles south of downtown Boston and was purchased on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties II, LP (“SUP II”), for $44.28 million.
The property is anchored by a 66,124-square-foot Stop & Shop grocery store, who is accompanied by strong national tenants such as CVS Pharmacy, Crunch Fitness, Sherwin Williams, Dunkin’ Donuts and Citizens Bank. The center is well-positioned in a densely populated submarket that has over 77,000 people living within a 3-mile radius and an average household income of over $108,000.
“Tedeschi Plaza represents an attractive investment opportunity for our SUP II Fund and we are pleased to add it to the portfolio,” said Brian Kosoy, Managing Principal and CEO of Sterling Organization. “The property is anchored by an extremely high-volume Stop & Shop, the northeast’s dominant grocer, and is located just five miles from Stop & Shop’s Corporate Headquarters. The ongoing stability we have seen throughout the COVID-19 pandemic reinforces our conviction in