Burlingame and Pleasanton, Calif. and Honolulu — West Palm Beach, Florida-based Sterling Organization has acquired three shopping centers totaling 277,057 square feet in California and Hawaii. The portfolio included Safeway Burlingame in Burlingame; Pleasanton Gateway Shopping Center in Pleasanton; and Kapahulu Shopping Center in Honolulu. Collectively, the properties were 99 percent leased at the time of sale and are each anchored by a Safeway grocery store.
Safeway Burlingame totals 70,174 square feet. Alongside Safeway, additional tenants at the fully leased property include Union Bank, AT&T, StretchLab, Five Guys, Drybar and Great Clips.
Pleasanton Gateway Shopping Center, a 128,275-square-foot retail center, was 99 percent leased at the time of sale and features several tenants such as CVS Pharmacy, Wells Fargo, Starbucks, Panda Express and The Habit Burger Grill.
Kapahulu Shopping Center spans 78,608 square feet of retail space and was 97 percent leased at the time of sale. Tenants include AT&T, Panda Express and Supercuts.
The retail properties were acquired on behalf of Sterling United Properties (SUP), the company’s grocery-anchored shopping center fund series.