Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Cinco Ranch Shopping Center, a 97,266-square-foot grocery-anchored shopping center located in the Houston MSA. The property was purchased on behalf of Sterling Organization's institutional grocery-anchored shopping center core fund, Sterling United Properties II, LP ("SUP II"), for $21.25 million or $218 per square foot.
The property is currently 94% leased and anchored by a 63,373-square-foot Kroger grocery store. The property is well-positioned in a densely populated submarket that has over 123,000 people living within a 3-mile radius of the site with an average household income of over $142,000.
"We are pleased to add an asset of Cinco Ranch's quality to our growing SUP II portfolio," said Brian Kosoy, Managing Principal and CEO of Sterling Organization. "Our core Fund's strategy of investing in market-leading grocery-anchored shopping centers has provided significant downside protection during the ongoing COVID-19 pandemic. The stability and resilience exhibited by these properties have not been a surprise to us, and Cinco Ranch Shopping Center should deliver the same consistent and durable cash flow our investor partners have come to expect. We remain optimistic about the opportunities ahead for this Fund and the sector as a whole," he added.
Paul Mittmann, Senior Vice President of Investments, Western Region, for Sterling Organization added, "We would like to thank both Edens and JLL for another smooth transaction, our second as a group thus far in 2021."
Sterling purchased Mill Pond Village a 94,550 sq. ft. grocery-anchored center located in the Philadelphia MSA from Edens for $19.74 million in January.
Cinco Ranch Shopping Center marks Sterling Organization's fourth asset in Texas and the eighth in their SUP II Fund, increasing the Fund's portfolio to eight grocery-anchored shopping centers and approximately 1 million square feet of GLA. From coast to coast, the Palm Beach, FL-based firm and its principals own more than 12 million square feet of primarily retail real estate approaching $2.2 billion in value.
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About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm whose national platform, through two platform subsidiaries Sterling Retail Properties and Sterling Logistics Properties, is focused on investing in LAST HOUR™ consumer fulfillment and distribution 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, with offices across the nation, is headquartered in West Palm Beach, FL.
Media Contact: Dana Verhelst, 561-812-7476 or dverhelst@sterlingorganization.com
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Original Source: Sterling Organization Acquires 97,266 Sq. Ft. Grocery Anchored 'Cinco Ranch Shopping Center' in Katy (Houston MSA), TX for $21.25 Million.
