Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Town Center Colleyville, a 244,917-square-foot grocery-anchored property located in Colleyville, TX, an affluent suburb approximately 21 miles northwest of Dallas’ central business district. The Property was purchased on behalf of a Sterling Organization managed institutional Fund, Sterling Value Add Partners III, LP (“SVAP III”).
Town Center Colleyville is situated in one of the more affluent submarkets in the Dallas-Fort Worth metroplex. Within a 3-mile radius of the property, there are over 82,000 people earning an average annual household income in excess of $172,000. The Property is currently 85% leased and is anchored by a high performing, high-end, Market Street grocer – an Albertsons/Safeway banner with over 16 years of historical occupancy at the property – and Studio Movie Grill, a luxury dine-in movie theater chain based in Dallas, TX.
“We have long been very familiar with Town Center Colleyville having managed components of it for a foreign institutional owner approximately a decade ago,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “The property is strategically positioned within the Colleyville submarket and with our team’s operational capabilities we believe that, after undertaking some value add initiatives, the property’s financial performance can be materially improved which should enable us to achieve our target returns.”
With the addition of Town Center Colleyville, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 58 properties from coast to coast, comprising almost 11 million square feet of primarily retail real estate approaching $2 billion in value.