Wednesday, September 12, 2012
Sterling Organization Acquires Barclay Square in Tampa Bay Area
FOR IMMEDIATE RELEASE
PALM BEACH, Fla. – Sterling Organization, a privately owned retail real estate investment and services company headquartered in Palm Beach, has announced the acquisition of Barclay Square, a 99,054-square-foot grocery-anchored shopping center located in Largo (Pinellas County), Fla. The property, which is the second asset purchased through the company’s institutional fund Sterling Value Add Partners, LP, was acquired for $10.829 million from EDENS, a shopping center developer, owner and operator.
Located on the northeast corner of Walsingham Road and Indian Rocks Road, Barclay Square is anchored by a 42,018 square foot Wal-Mart Neighborhood Market and is 82 percent leased. Other national and regional tenants include Get Fitness, Tuesday Morning, Goodyear, Beef O’Brady’s, Select Physical Therapy and H&R Block. The center was originally developed in 1988 and was renovated in 2008.
“We believe this was an excellent opportunity to acquire a center in a dense infill location with solid retail real estate fundamentals and a very high volume grocer,” said Brian Kosoy, President and CEO of Sterling Organization. “We believe we should be able to add significant value to the asset through lease up.”
“Credit goes to Anthony Blanco and his team at The Shopping Center Group for facilitating a smooth transaction, and to the team at EDENS who made the execution of the transaction seamless as a result of their professionalism,” said Kosoy.
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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 currently owns retail and commercial real estate in Arizona, Colorado, Florida, Georgia, Illinois, North Carolina, Tennessee and Texas. Sterling Organization is headquartered in Palm Beach, Florida.