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6/14/19
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Sterling Organization has acquired Poway Crossings, a 109.5k sf community shopping center in San Diego County. The property was purchased from Greenstreet Partners on behalf of Sterling Organization’s latest institutional Value-Add Fund, Sterling Value Add Partners III, LP (“SVAP III”), for $27 mil ($247/sf).
Poway Crossings is located in an affluent northeastern San Diego submarket that is home to a population base of over 90,000 people with an average household income exceeding $150k within a three-mile radius of the property. Anchored by a high-volume LA Fitness, Dollar Tree, and Big 5 Sporting Goods, the property is currently 80% occupied.
“Poway Crossings fits squarely in the center of our investment criteria box,” commented Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “The property features strong demographics, solid real estate fundamentals, is located in a major MSA and presents multiple potential value-add levers to pull.”
Poway Crossings is Sterling Organization’s eighth acquisition in California since 2015, and their fifth investment on behalf of the $497 mil SVAP III fund. With the addition of Poway Crossings, the Palm Beach, FL-based firm, along with its principals and investment partners, own 52 properties from coast to coast, comprising more than 10 msf of primarily retail real estate approaching $2 bil in value.
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