Sterling Organization, a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the acquisition of Coral Landings III, a grocery-anchored shopping center located in the South Florida community of Coral Springs, Florida (Fort Lauderdale, FL MSA). The property was acquired on behalf of Sterling’s institutional fund Sterling Value Add Partners III, LP (“SVAP III”) for $37.4 million and marks the 17th investment made by the $497 million equity fund.
Coral Landings III is a 171,299-square-foot grocery-anchored shopping center ideally situated in the heart of the Northwest Broward County submarket, at the hard corner of W. Sample Road and NW 62nd Ave., and is anchored by Aldi. Additional national retailers in occupancy include HomeGoods, Best Buy, Jo-Ann Fabric, and Five Below.
“We are pleased to add an asset of Coral Landings III’s quality to our SVAP III portfolio as we look to round out the investment period of The Fund,” said Jordan Fried, a Principal of Sterling Organization. “Located in a strong South Florida market in close proximity to our West Palm Beach headquarters, we believe this property offers many value-add levers that our team will be able to execute on. We greatly appreciate the opportunity afforded by sellers Madison Marquette and SEDCO Capital, as well as CBRE’s assistance along the way.”
Sterling Organization currently owns 72 properties, across multiple funds, in major markets throughout the United States exceeding 11.8 million square feet and approaching $2.4 billion in value.
