West Palm Beach, FL, March 11, 2020 (GLOBE NEWSWIRE) -- Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of a nine-property, 1,236,429-square-foot shopping center portfolio comprised of eight grocery-anchored centers and one power center. The portfolio was purchased from DRA on behalf of two of Sterling Organization’s managed Funds, for a total purchase price of approximately $202 million.
The portfolio is geographically concentrated in two major metropolitan areas, with 6 of the properties located within the Minneapolis MSA and 3 located within the Chicago MSA. The portfolio has an average population base of over 76,000 people, earning an average household income exceeding $114,000 within a 3-mile radius. Tenants anchoring the portfolio of properties include Cub Foods (4), Jewel-Osco (2), Lunds & Byerlys, Tony’s Fresh Market, Michaels (2), Home Depot, HomeGoods, PetSmart, Petco, Office Depot and Five Below (2).
“We are pleased to have closed on the acquisition of this portfolio on behalf of our investor partners and are excited about the quality of each and every asset on a stand-alone basis, a rarity in most portfolio transactions,” said Brian Kosoy, Managing Principal, President, and CEO of Sterling Organization. “We strongly believe in the positioning of each asset, the sub-markets, and our team’s operational abilities to execute the respective business plans,” he added. “I would be remiss if I did not recognize the efforts that went into getting the transaction over the finish line and appreciate the hard work of our team as well as the DRA team. I am hopeful there will be additional transactions such as this in our collective future.”
With the closing of this 9-property portfolio, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 67 properties from coast to coast, comprising more than 12 million square feet of primarily retail real estate exceeding $2 billion in value.
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