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August 16, 2022
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NoCal Retail Center Acquired by Florida Buyer in $22.8 Mil Deal


Florida-based Sterling Organization recently bought Raley’s Plaza, a 95.4k sf, grocery-anchored shopping center located in Fairfield, a NoCal city situated roughly midway between San Francisco and Sacramento. The asset was purchased from a subsidiary of San Diego-based Gerrity Group via the firm’s institutional stabilized fund Sterling United Properties I, LP (“SUP”) for $22.8 mil ($239/sf).

Raley’s Plaza is anchored by Raley’s, a privately-held family-owned grocery chain which is the No. 1 grocer in terms of market share in the area. The property is located at the southeast corner of North Texas St and Dickson Hill Rd, approximately 40 miles northeast of downtown San Francisco. The center is 94% occupied with national and regional businesses including JP Morgan Chase Bank, Starbucks, Round Table Pizza, and Panda Express.

Raley’s Plaza was originally constructed in 1998-99 and the grocery store’s interior was recently renovated. Over 85,000 people live within a three-mile radius of the property, where the average household income is over $78,000.

“Raley’s Plaza is a great addition to our core/stabilized SUP portfolio,” said Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization. “Raley’s Plaza is well-located in the affluent master-planned community of Paradise Valley and many of its businesses, including Raley’s, have been operating at the shopping center for more than 10 years.”

The property marks Sterling Organization’s second acquisition in the Bay Area in the last few months, and its third acquisition in California in the last year. Olivera Crossing, a retail center in the East Bay community of Concord, CA, was acquired via the firm’s private equity fund Sterling Value Add Partners II, LP (“SVAP II”) in May. Sterling also purchased Oceanside Town & Country shopping center in San Diego County via SVAP II in September of 2015.

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