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1/02/19
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Sterling Organization purchased Elliot Plaza, a 50.7k sf shopping center near downtown Seattle, for $11.65 mil, or $230/sf. The asset was purchased in an off-market transaction on behalf of Sterling Organization’s latest value-add institutional fund, Sterling Value Add Partners III LP (“SVAP III”).
The property is currently 100% occupied and anchored by Staples and AAA. It is situated in a densely populated submarket of Seattle that has over 200,000 people living within a three-mile radius of the site with an average household income of $122,000.
“After several years of scouring Seattle for the ideal opportunity to enter this tremendous market, we are pleased to make Elliot Plaza our initial investment.” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “Elliot Plaza represents an opportunity to acquire a truly irreplaceable piece of real estate within a dynamic Seattle submarket. We believe our team will be able to add significant value to the asset overtime as we are able to improve property aesthetics, roll tenants to market rent and ride the wave of this specific location’s ever improving real estate fundamentals.”
Elliot Plaza is Sterling Organization’s first acquisition in the Seattle MSA and fourth acquisition in SVAP III, increasing the fund’s portfolio to over 400k sf. From coast to coast, the Palm Beach, FL-based firm, and its principals own more than 10 msf of primarily retail real estate approaching $2 bil in value.
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