News Summary
The Sterling Organization, a private equity real estate firm, has acquired the Copaco Center shopping center in Bloomfield for $54.2 million, expanding its portfolio in New England. Spanning 439,644 square feet, this retail destination features major tenants like Stop & Shop and Lowe’s, with 93% of its space currently leased. The acquisition marks Sterling’s first in Connecticut and reflects its commitment to high-potential markets. The center is poised for future growth, benefiting from a strong local economy and strategic management plans.
Connecticut – The Sterling Organization, a Florida-based private equity real estate investment firm, has completed the acquisition of the Copaco Center shopping center in Bloomfield for $54.2 million. This notable purchase comes as the firm expands its portfolio in New England.
The Copaco Center spans 439,644 square feet and is strategically located on Cottage Grove Road. It is anchored by a Stop & Shop supermarket and a Lowe’s home improvement store, making it a key retail destination in the area. In addition to these major tenants, the shopping center includes a diverse mix of retailers such as Burlington, Planet Fitness, Dollar Tree, Five Below, CVS, IHOP, and McDonald’s. Currently, 93% of the retail space is leased.
Approximately 75,000 residents live within a three-mile radius of the Copaco Center, with the average household income in this region exceeding $115,000. This demographic information indicates a robust local economy, which may position the shopping center for future growth and profitability.
The Sterling Organization has announced plans to improve the property’s value through focused management strategies, strategic leasing endeavors, and other initiatives aimed at enhancing tenant performance and customer experience. This acquisition highlights the firm’s commitment to investing in retail real estate within high-potential markets.
The previous owner of the Copaco Center, AmCap Inc., had acquired the property in 2005 for $40 million from the Bercowetz family. The shopping center has a rich history, originally starting as a farm and country butcher back in 1909, established by Kalman Bercowetz following his immigration from Russia.
This transaction marks a significant milestone for the Sterling Organization, as it represents their first property acquisition in Connecticut and their third retail center in New England. The firm currently owns and manages 80 properties across the United States, illustrating its expansive reach within the commercial real estate market.
Bloomfield officials have not provided immediate comments regarding the sale, and the details of the acquisition were finalized through undisclosed means. As the retail landscape continues to evolve, the Copaco Center is expected to adapt to changing market demands while capitalizing on its prime location and strong community ties.
Deeper Dive: News & Info About This Topic
- CT Insider: Bloomfield Copaco Shopping Center Sold
- Wikipedia: Shopping Center
- Hartford Business: Bloomfield’s Copaco Center Shopping Area Sells for $54.2M
- Google Search: Bloomfield Copaco Center
- Miami Herald: Business News
- Google Scholar: Retail Real Estate
- Gulfshore Life: Where to Shop in Southwest Florida
- Encyclopedia Britannica: Retail
- CoStar: Current Capital Real Estate Group Acquires South Florida Shopping Center
- Google News: Retail Real Estate Investments
Author: STAFF HERE PETERSBURG WRITER
ST PETERSBURG STAFF WRITER The ST PETERSBURG STAFF WRITER represents the experienced team at HEREStPetersburg.com, your go-to source for actionable local news and information in St Petersburg, Pinellas County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Grand Prix of St. Petersburg, Localtopia, and SHINE Mural Festival. Our coverage extends to key organizations like the St. Petersburg Area Chamber of Commerce and St. Pete Downtown Partnership, plus leading businesses in finance, manufacturing, and healthcare that power the local economy such as Raymond James Financial, Jabil, and Bayfront Health St. Petersburg. As part of the broader HERE network, including HEREJacksonville.com, HEREOrlando.com, HERETallahassee.com, and HERETampa.com, we provide comprehensive, credible insights into Florida's dynamic landscape.
