Thursday, May 31, 2018
Sterling Organization Acquires 73,910 SF Kroger-anchored Five Forks Crossing in Atlanta MSA for $10.5 million
FOR IMMEDIATE RELEASE
May 31, 2018 – PALM BEACH, FL – Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of a grocery-anchored shopping center located at the intersection of Five Forks Trickum Road and Oak Road in Lilburn, GA, an affluent Atlanta suburb located approximately 20 miles northeast of downtown. The property was purchased from Kimco Realty (NYSE: KIM) on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP (“SUP I”), for $10.5 million or $142 per square foot.
The 73,910-square-foot property was built in 1991 and is anchored by a 62,000-square-foot Kroger grocery store. The 12,000 square feet of inline shops include tenants such as Great Clips, The UPS Store and Coast Dental.
“We are happy to expand as a firm in the Atlanta market with the addition of Five Forks Crossing. Through our SUP portfolio, we specifically target properties such as Five Forks Crossing that are well-positioned in strong submarkets within major MSAs and which are anchored by market-leading grocers,” said Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization.
“We are pleased to add such a high-quality asset with an exceptionally-performing Kroger anchor to our SUP I portfolio,” added Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “We believe Five Forks Crossing will provide the long term, stable and durable cash flow our SUP I investor partners signed up for. As always, it was an absolute pleasure to work with the fine professionals at Kimco to execute on this transaction.”
The property is Palm Beach, FL-based Sterling Organization’s seventh property in Georgia (five of which are in Atlanta), and its ninth asset within the SUP I portfolio. The firm and its principals now own approximately 1.2 million square feet in Georgia, and approximately 9.5 million square feet of retail and other commercial real estate across the U.S. approaching $2 billion in value.
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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.
Media Contact: Lauren Perry, (561) 623-5936