Press Release
Thursday, April 26, 2018
Sterling Organization Acquires 83,260 SF Jewel-Osco Anchored State Road Plaza in Chicago MSA for $7.2 million
FOR IMMEDIATE RELEASE
April 26, 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 S. Ridgeland Avenue and W. 87thStreet in Oak Lawn, IL, approximately 12 miles southwest of Chicago’s central business district. The asset was purchased from multiple trusts on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP (“SUP I”), for $7.2 million.
The 83,260-square-foot property, which was built in 1974, includes a 64,684-square-foot Jewel-Osco grocery store as well as a freestanding bank building and two strip retail buildings.
“We are pleased to add State Road Plaza to our Sterling United Properties I portfolio. The asset fits perfectly as we target properties in infill locations, anchored by market-leading grocers that from a sales perspective are strong performers and have relatively low occupancy costs,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “We believe this property will provide the long term, stable and durable cash flow our investor partners expect.”
“State Road Plaza has excellent real estate fundamentals,” added Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization. “The shopping center has both great access and visibility along two major thoroughfares in a dense submarket of Chicago, where approximately 148,000 people live within a 3-mile radius. We would be remiss if we didn’t thank Derrick Almassy of CBRE for putting the transaction together.”
The property is Palm Beach, FL-based Sterling Organization’s fifth property in the Chicago MSA, and its eighth asset within the SUP I portfolio. The firm and its principals own 1.7 million square feet in Chicagoland, and more than 9 million square feet of retail and other commercial real estate across the U.S. approaching $2 billion in value. This is the second property Sterling Organization has acquired in Chicago this year, following the firm’s March purchase of a high street retail asset located just off Michigan Avenue (“Magnificent Mile”) on E. Pearson Street.
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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:
Dana Verhelst, 561-868-2664 or dverhelst@sterlingorganization.com