Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the acquisition of The Pointe at Bridgeport located in Tualatin, Oregon (Portland MSA). The 48,378-square-foot property was acquired on behalf of Sterling’s institutional Fund, Sterling Value Add Partners III, LP (“SVAP III”) for $31.5 million and marks the 18th property in the $497 million Fund.
The highly visible shopping center sits in a regional node serving Portland’s most affluent western communities and can be seen by 170,000 cars per day via Interstate 5. The property is home to national tenants such as Jared the Galleria of Jewelry, Verizon, Jamba Juice, MOD Pizza, Einstein Bros Bagels, Jimmy Johns, and Qdoba Mexican Grill. The center is ideally situated within a 3-mile proximity to an affluent trade area of established single-family communities that have a population of over 93,000 people and an average household income of over $115,000.
The Pointe at Bridgeport is well-positioned within a half a mile radius of approximately 1.1 million square feet of strong retail tenants such as Whole Foods, Apple, The Container Store, Anthropologie, GAP, Lululemon, Crate & Barrel, Brandy Melville, Madewell, Sephora, Sundance, Eileen Fisher, MAC Cosmetics, Tommy Bahama, Soft Surroundings, and the largest Regal IMAX Theatre in the state of Oregon.
“The Pointe at Bridgeport offers our team an opportunity to significantly grow the income stream during our anticipated hold period. Currently, the property is 81% leased in a submarket with occupancy rates in the high 90’s. This Class A property sits on irreplaceable real estate and features a solid existing base of restaurants, experiential, and daily-needs tenants in one of, if not the top retail node within the Portland MSA,” said Jordan Fried, Principal of Sterling Organization. “The Pointe at Bridgeport fits beautifully into SVAP III’s inflation and e-commerce resistant portfolio,” added Fried.
The Pointe at Bridgeport marks the 74th property currently owned by Sterling Organization in markets throughout the U.S. and increases their portfolio to approximately 12.5 million square feet of GLA and nearing $3 billion in value.