Thursday, February 28, 2019
Sterling Organization Acquires 118,326 sq. ft. ‘King Farm Village Center’ in Rockville, MD for $40.0 million.
FOR IMMEDIATE RELEASE
February 27, 2019 – Rockville, MD – Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of King Farm Village Center, a 118,326-square-foot grocery-anchored shopping center located in the Washington, D.C. MSA. The property was purchased from Regency Centers on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP (“SUP I”), for $40.0 million or $338 per square foot.
King Farm Village Center is located within the master-planned community known as King Farm Village, which is located in the affluent D.C. suburb of Rockville, MD. The property is currently 93% leased and anchored by a 53,754-square-foot Safeway grocery store. It is positioned in a densely populated submarket that has over 124,000 people living within a 3-mile radius of the site with an average household income of over $144,000.
“We are very pleased to add an asset of King Farm Village Center’s quality as the final investment to round out our SUP I Fund.” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “As we step back and look with a complete perspective at the quality of the portfolio we have constructed in this Fund on behalf of our investor partners we do so with great satisfaction,” he added.
King Farm Village Center is Sterling Organization’s fifth asset in the Washington, D.C. MSA and the fourteenth and final acquisition in their SUP I Fund, increasing the Fund’s portfolio to 14 grocery-anchored shopping centers and more than 1.7 million square feet of GLA. From coast to coast, the Palm Beach, FL-based firm, and its principals own more than 10 million square feet of primarily retail real estate 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 risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, FL.
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