WEST PALM BEACH, Fla., August 7, 2024 (Newswire.com)
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Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in retail/LAST HOUR® consumer fulfillment assets, has announced the sale of Stuart’s Crossing for $16.25 million. The property, located at 502-652 Kirk Road in St. Charles, IL, was previously acquired by an Investment Fund managed by Sterling Organization in March of 2020 for $12.0 million.
Stuart’s Crossing is an 85,602-square-foot shopping center anchored by a 70,529 square-foot Jewel Osco grocery store. The property’s tenant roster also includes a diverse mix of national and local tenants. The property benefits from more than 34,000 people living within a 3-mile radius where average household income exceeds $178,000 per year.
“At acquisition, Sterling identified this property as a high-quality asset with value-add potential and has since brought institutional ownership and national tenant relationships that allowed us to position the property for a successful sale,” said Jordan Fried, Principal of Sterling Organization. “We are pleased with the outcome of this investment and would like to thank Steve Ostrowski from Colliers for his assistance,” he added.
Sterling Organization and its affiliates own and manage 71 properties across the U.S. with more than 12 million square feet of primarily retail real estate.
Source: Sterling Organization
Original Story: https://www.newswire.com/news/sterling-organization-sells-grocery-anchored-shopping-center-in-22402950
