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Friday, June 9, 2017

GlobeSt.com: Market at Opitz Crossing Trades At 40% Gross IRR To Seller

 

GlobeSt.com's Erika Morphy reports:

"Sterling Organization in Palm Beach, Fla., has sold the Market at Opitz Crossing, a 157,724-square foot PriceRite-anchored shopping center that it owned for three-and-a-half years. The company realized a gross IRR of more than 40% even with some modest leverage placed on the asset, according to CEO Brian Kosoy. ...

Klein Enterprises, a Baltimore-area real estate development firm makes its third acquisition in Virginia, snapping up Market at Opitz Crossing for $29.25 million — thus delivering a gross equity multiple of more than 2.7x to Sterling Organization."

Click here to read the full story online at GlobeSt.com.