Sterling Organization, a private equity retail real estate investment firm, announced the acquisition of Rossmoor Shopping Center, a 118,846-square-foot grocery-anchored shopping center located at 1900-1998 Tice Valley Boulevard in Walnut Creek, California, based within the San Francisco MSA. And the property was acquired on behalf of Sterling Organization’s Sterling United Properties II (SUP II), which is a $267 million equity Fund focused on investing in stabilized grocery-anchored shopping centers. With this deal, the fund now owns 17 properties encompassing over 2.1 million square feet of GLA, primarily in major markets across the US.
Rossmoor Shopping Center has also long served the local community, offering a diverse mix of retail, dining, and essential services. And the center features a well-curated selection of tenants, anchored by a 25,191-square-foot Safeway grocer and a 14,500-square-foot CVS Pharmacy. It includes other national and regional tenants like John Muir Health, Starbucks, Chase Bank, Wells Fargo Bank, Crumbl Cookie, Taco Bell, Mountain Mike’s Pizza, USPS, Salons by JC, UPS, etc.
The surrounding Walnut Creek area is known for its outstanding demographics, featuring an average household income of over $220,000 per year and a population of over 70,000 people living within a three-mile radius of the property.
Sterling Organization owns 77 properties across various funds in major markets within the United States, encompassing over 13 million square feet and exceeding $3 billion in value. Based in West Palm Beach, FL, Sterling Organization operates with offices nationwide.
KEY QUOTES:
“We are thrilled to add Rossmoor Shopping Center to our SUP II portfolio. This property is a great asset and essential hub for the community. We see tremendous potential to further elevate its appeal through thoughtful enhancements and active asset management. Our team’s goal, over time, with small tweaks, is to create an even more dynamic and engaging environment for both shoppers and tenants.
- Bob Dake, Principal of Sterling Organization
“We sincerely appreciate the seller’s efforts and professionalism in getting this deal done. It was a pleasure collaborating with such an outstanding team, and we are grateful for their dedication throughout the process. They did a great job throughout their ownership period of redeveloping such a high-quality asset that we at Sterling are excited to be the steward of going forward, as we seek to serve the community and our tenants alike. We would also like to sincerely thank Geoff Tranchina and Eric Kathrein of JLL for their assistance in making this transaction a smooth experience for all involved.”
- Jordan Fried, Principal of Sterling Organization
