Sterling Organization, a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets has announced the acquisition of two premiere market leading grocery-anchored shopping centers totaling 280,000 square feet in a portfolio transaction. The Grove (Orlando MSA) and Riverfront Plaza (New York MSA) were acquired on behalf of Sterling’s institutional grocery-anchored shopping center core fund, Sterling United Properties II, LP (“SUP II”), for $113.75 million and mark the 11th and 12th investments made by the Fund.
The Grove is located in Windermere, FL, one of the most affluent communities in Florida. The 151,752 square foot Publix-anchored shopping center is home to national retailers including Wells Fargo, Great Clips, Charles Schwab, AT&T, and BurgerFi. Riverfront Plaza is a 128,968 square foot, ShopRite-anchored shopping center located in Hackensack, NJ and sits approximately 13 miles from Manhattan. Additional tenants at the property include Chase Bank, AT&T, H&R Block, Sherwin Williams, KFC and Taco Bell.
“We are excited to add these two high quality properties to our growing portfolio of core grocery-anchored shopping centers,” said Brian Kosoy, Managing Principal and CEO of Sterling Organization. “It is rare to be able to acquire assets of this extraordinary caliber, in prime markets, anchored by market leading grocers. The properties have combined average demographics of over 130,000 people living within 3 miles and average household incomes of approximately $120,000,” added Kosoy.
Sterling Organization currently owns 74 properties, across multiple Funds, in major markets throughout the United States exceeding 12.1 million square feet and approaching $2.5 billion in value.