Sterling Group has closed on the $180.5 million buy of a 994,000-square-foot portfolio of open-air buying facilities, the corporate introduced on Friday. Positioned within the Atlanta, Washington, D.C., and San Antonio metropolitan areas, the three properties have been bought by SITE Facilities.
With the acquisition, the West Palm Seaside-based non-public fairness agency’s portfolio now spans north of 13 million sq. ft throughout 75 properties.
The deal is the second of 2024 for this purchaser and vendor. In a $42 million deal introduced final January, Sterling acquired SITE’s Market at Highland Village, a 205,926-square-foot heart positioned within the Dallas suburb of Highland Village, Texas.
Sterling’s buy drew on funds from Sterling Worth Add Companions IV, L.P., an funding car that features $600 million of fairness. SWAP IV, which closed in June, was oversubscribed from its goal by $100 million. Traders vary from household places of work and endowments to pension plans.
Sterling’s scoop-ups
The most important property in Sterling’s newly acquired portfolio is Village at Stone Oak, a 476,371-square-foot energy heart in San Antonio. The property is anchored by a mixture of clothes and pet accent retailers, together with HomeGoods, Ross, Petco, DSW and ULTA Magnificence. An adjoining Tremendous Goal is a shadow anchor. Fronting U.S. Route 281, the property is 16 miles north of downtown San Antonio and is inside a five-mile radius of 170,000 residents.
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The second-largest property is Presidential Commons, a 264,271-square-foot grocery-anchored heart lin Snellville, Ga., an japanese suburb of Atlanta. Based on CommercialEdge info, SITE bought the property in 2007. Anchored by Kroger and positioned at 1630 Scenic Freeway North, the middle additionally consists of Burlington, 5 Beneath and Aaron’s on its tenant roster. A inhabitants of roughly 193,000 is inside 5 miles of the positioning.
Fairfax Towne Heart is the smallest of the bunch, a 253,392-square-foot property positioned roughly 18 miles exterior of Washington D.C., in Fairfax, Va. CommercialEdge knowledge reveals that SITE purchased the property for $60.2 million in 2021. Safeway is the grocery anchor, and the property additionally encompasses a T.J. Maxx and a Regal Cinemas.
SITE’s gross sales binge
The $180.5 million portfolio take care of Sterling is the newest in SITE’s inclinations of open-air retail properties. Because the starting of the third quarter, the REIT has made gross sales value $714.3 million from 13 completely different properties, in response to Yahoo Finance.
Simply this week, the REIT bought Cypress Hint, a 280,000-square-foot grocery-anchored property positioned in Fort Myers, Fla., for $40 million. In August, SITE made one other seven-figure-square-foot disposition, this time for three-property portfolio that it bought to CTO Realty Development for $137.5 million.
