“Private equity investor Sterling Organization has closed its third value-add retail real estate fund at $495M, beating its $450M target. The over-subscription hints that some investors believe there are still retail diamonds in the rough to be found, despite tough times for the retail industry.”
“As a result of macro challenges facing traditional retailers, we are keenly aware that it is not an easy time politically for institutional investors to invest in brick-and-mortar retail real estate,” Sterling President and CEO Brian Kosoy said in a statement, adding that the fund will work “tirelessly to take advantage of market dislocation.”