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Thursday, July 16, 2015

Commercial Property Executive: The Long Arm of Sterling RE

 

Commercial Property Executive's Barbra Murray reports:

"It’s a first for Sterling Organization’s newest investment vehicle, Sterling United Properties I L.P. The discretionary institutional closed-end fund just recently made its inaugural purchase by snapping Wampanoag Plaza, a 225,900-square-foot grocery-anchored shopping center in East Providence, R.I.

Private equity real estate firm Sterling, which recently became a Registered Investment Advisor, is not disclosing financial details or the identity of the seller, but according to City records, Wampanoag’s most recent owner was USAA Real Estate, which had purchased the asset in a co-investment joint venture for $20 million in 2010. For SUP, which focuses on acquiring and operating stabilized or retail centers anchored by market-leading grocery stores, Wampanoag fits the bill."

Read the entire article online at CPExecutive.com.