Sterling Organization, a private equity real estate investment firm focused on retail property assets, has announced the acquisition of a three-property portfolio from SITE Centers for $180.5 million.
The portfolio consists of Fairfax Towne Center, a 253,392-square-foot Safeway-anchored shopping center in Fairfax, Virginia; Presidential Commons, a 264,271-square-foot Kroger-anchored shopping center in Snellville, Georgia; and Village at Stone Oak, a 476,371-square-foot power center located in San Antonio, Texas.
“It is not easy to acquire a portfolio comprised of only high-quality assets in prime markets where we believe value-add returns can be achieved. Our team is excited to get to work and execute on behalf of our investor partners,” said Brian Kosoy, managing principal and CEO of Sterling Organization.
Photo: Fairfax Towne Center, courtesy of LoopNet
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