The acquisition includes two Bay Area assets—Safeway Burlingame and Pleasanton Gateway—alongside the Kapahulu Shopping Center in Honolulu. Each property is anchored by a high-volume Safeway store and maintains high occupancy levels, averaging 99% across the portfolio. These sites are located in land-constrained submarkets where tenant demand consistently outpaces available supply.
In section Releases
Sterling Organization Expands Retail Portfolio with Three Safeway Centers
With an average household income exceeding $222,000 in their immediate trade areas, three high-performing shopping centers have changed hands. Sterling Organization, a Florida-based private equity firm, acquired the 277,057-square-foot portfolio for its Sterling United Properties fund, marking the firm's first strategic entry into the Hawaii market.
Jordan Fried, a principal at Sterling Organization, described the centers as "super-core trophy properties" that are difficult to replicate. The firm plans to leverage its existing leasing and asset management platforms to maintain the centers' predictable cash flow. The transaction was facilitated by Eastdil Secured Savills. Following this deal, Sterling Organization’s national footprint has grown to 83 properties, representing over 15 million square feet of retail space and a total gross asset value surpassing $4 billion.
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