Thursday, December 20, 2012
Sterling Organization Acquires 105,328 Sq.Ft. Grandview Shopping Center in San Antonio for $11.125 million
FOR IMMEDIATE RELEASE
PALM BEACH, FL – Sterling Organization, a privately owned retail real estate investment and services company headquartered in Palm Beach, has announced the acquisition of Grandview Shopping Center, a 105,328-square-foot grocery-anchored shopping center located in San Antonio, TX. The property was purchased through the company’s institutional fund Sterling Value Add Partners, LP, for $11.125 million from Los Angeles-based RPD Catalyst in an off-market transaction.
Grandview Shopping Center was built in 1975 and is situated on 8.7 acres at the northeast corner of Interstate Highway 10 and Callaghan Road, just north of San Antonio’s inner loop (IH-410) interchange. The center is 81 percent leased and is anchored by a high volume 30,000-square-foot Sprouts Farmers Market. Junior anchors currently include Dollar General and Gabriel’s Liquor and other national and regional businesses at the center include Subway, Time Warner Cable, Farmers Insurance and Allstate Insurance. The population within a three-mile radius of the center is 143,370 with an average household income of $51,185. Traffic counts exceed 270,000 cars per day.
“We at Sterling are pleased to acquire another property which embodies the characteristics we have targeted within the Fund, namely, a center located in a dense infill location in a major market with high traffic counts, reasonable in-place rents and which exhibits sound retail real estate fundamentals,” said Brian Kosoy, President and CEO of Sterling Organization.
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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 is focused on investing in value-add anchored retail real estate assets in select major U.S. markets on behalf of Sterling’s principals in partnership with the highest quality institutional and high net worth investors. Sterling Organization is headquartered in Palm Beach, Florida.