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November 12, 2019
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Sterling Organization Pays Nearly $16 Mil for Oceanside Retail Center

10/15/15

Sterling Organization has purchased Oceanside Town & Country Shopping Center, an 87.7k sf retail center in Oceanside, for $15.7 mil, or $179/sf. The property is located at 1715 Oceanside Blvd, at the interchange of the I-5 Fwy and Oceanside Blvd, just one mile from the Pacific Ocean. It was sold by Prudential Real Estate Investors and Kimco Realty Corporation.

Oceanside Town & Country is anchored by a Smart & Final Extra! grocery store. Other national and regional retailers at the center include Starbucks, T-Mobile, West Marine, The UPS Store, and Avis.

Cushman & Wakefield’s Retail Investment Team, led by Dixie Walker, represented the seller in the transaction. Sterling Organization acquired the property via the firm’s institutional fund Sterling Value Add Partners II LP. They had no outside representation.

According to Walker, prior to engaging with the Sterling Organization, the property was under contract negotiations with a different buyer when the second anchor in the center announced they were shutting down operations at this location and other national locations, effective immediately. “With the loss of a major anchor during the late stages of reaching an agreement, we had to adjust our strategy from pursuing a REIT seeking stabilized product to Sterling, a value-add buyer,” said Dixie Walker, Managing Director of Cushman & Wakefield.





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