Sterling Organization acquires three Safeway-anchored shopping centers in California and Hawaii
ACI•Sterling Organization acquired three grocery-anchored shopping centers totaling 277,057 square feet in California and Hawaii. The portfolio is 99% leased and marks Sterling’s first investment in Hawaii.
1. Portfolio acquisition
The properties are Safeway Burlingame, Pleasanton Gateway Shopping Center and Kapahulu Shopping Center. Sterling acquired them for Sterling United Properties, its core grocery-anchored shopping center fund series.
2. Property details
The centers are anchored by Safeway stores, and their trade areas average more than $222,000 in household income within three miles. The acquisition extends Sterling’s retail footprint beyond the mainland.
