Tuesday, April 11, 2017
Marshalls/HomeGoods Superstore, Ross Dress for Less to Anchor Redevelopment of Center of Winter Park in Orlando MSA
FOR IMMEDIATE RELEASE
April 11, 2017 - PALM BEACH, FL – Sterling Organization, a vertically integrated private equity real estate investment firm headquartered in Palm Beach, FL, is pleased to announce lease agreements have been signed with TJX Companies to operate a Marshalls/HomeGoods store, and with Ross Dress for Less, DSW Designer Shoe Warehouse, and Five Below for a total of approximately 95,000 square feet at Center of Winter Park in Winter Park (Orlando), FL. The 245,000-square-foot power center, located at the southwest corner of Orlando Avenue and Lee Road, is being redeveloped after the closure of a 91,600-square-foot Kmart store.
Kmart closed at the property in 2014, shortly after the center was acquired by Sterling Organization’s institutional fund, Sterling Value Add Partners, LP. The former Kmart space will become a Marshalls/HomeGoods combination store (approx. 40,600 square feet), a Ross Dress for Less store (approx. 27,600 square feet), and a DSW shoe store (approx. 17,800 square feet). Existing store Office Depot was downsized from 33,000 square feet to its new smaller prototype of approximately 19,200 square feet in early 2016.
Additionally, teen discount retailer Five Below will be opening in a 9,000-square-foot, newly constructed store in the area that was previously occupied by the Kmart Garden Center.
The shopping center’s redevelopment has been underway since the summer of 2016 according to Greg Moross, COO of Sterling Organization. “In addition to retrofitting the former Kmart store, Center of Winter Park is undergoing a full-scale facelift that will include a new façade for the entire center, new lighting, a reconfiguration and repaving of the majority of the parking lot, updated landscaping and new pylon signs.”
“We are extremely excited about the transformation of this property into a Class A power center that will better serve — and fit — within the Winter Park community,” said Mr. Moross. “We are planning to announce additional new stores and restaurants in the coming months.”
Sterling Organization anticipates the redevelopment of Center of Winter Park to be complete in the fourth quarter of 2017. Existing businesses at the center remain open during construction.
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About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Florida.
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