Sterling Organization Pays $31M for Shopping Center

A Safeway grocery store anchors Braemar Village Center. Image courtesy of Sterling Organization

Sterling Organization has purchased Braemar Village Center, a 111,635-square-foot grocery-anchored shopping center in Bristow, Va., for $31.4 million. The previous owner was Regency Centers, according to CommercialEdge information.

Braemar Village Center marks the 74th property currently owned by Sterling. This acquisition brought the firm’s portfolio to more than 12.6 million square feet and $2.8 billion in real estate value.

In another recent deal, Sterling purchased a 102,864-square-foot grocery-anchored shopping center, formerly known as Cherokee Plaza, in Atlanta. The acquisition was made on behalf of Sterling United Properties II LP, the firm’s stabilized grocery-anchored shopping center fund.

Braemar Village Center, up close

Completed in 2003, Braemar Village Center comprises five one-story buildings spread across a 17.1-acre site, the same source shows. The shopping center also incorporates over 3 acres of vacant land, which can be sold or developed into additional outparcel pads.

A 57,860-square-foot Safeway grocery store anchors the neighborhood center, with an accompanying gas pad. The tenant roster at Braemar Village Plaza also includes a diverse mix of local and national retailers such as Dunkin’ Donuts, Subway, Vocelli Pizza, Momentum Dental, Asian Garden, Mountain Kim Martial Arts and Caring Hands Animal Hospital. Bank of America and Arby’s occupy additional outparcels.

Located at 12713 Braemar Village Plaza within a western suburb of Washington, D.C., the property is close to the intersection of Sudley Manor Drive and Linton Hall Road. There are more than 47,400 people living within a 3-mile radius and the average household income in the area exceeds $163,500. Braemar Village Center sees more than 1 million visitors each year.