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Monday, September 5, 2016

Commercial Property Executive: Sterling Organization Expands DC Portfolio

 

Commercial Property Executive reports:

"Sterling Organization, a real estate investment firm based in Palm Beach, has announced the $7 million purchase of Kmart at Herndon Centre. The transaction was made through Sterling Value Add Partners II LP, the firm’s institutional fund.

The new asset consists of 7.6 acres of land with an 84,180-square-foot building, with Kmart as the shadow anchor to a larger, grocery-anchored shopping center called Herndon Centre, which was not part of the transaction. The property has valuable strengths, counting more than 145,000 people living within a 3-mile radius, as well as an average household income of approximately $138,000."

Click here to read the article online.