Press Release
Friday, March 16, 2018
Sterling Organization Acquires Street Retail Property near Magnificent Mile, Historic Water Tower in Chicago for $15.1 Million
FOR IMMEDIATE RELEASE
PALM BEACH, FL – Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of 10,051 square feet of vacant retail space located at 110 E. Pearson Street in Chicago’s world-renowned “Magnificent Mile” shopping district. The asset was purchased on behalf of Sterling Organization’s institutional fund Sterling Value Add Partners II, LP (“SVAP II”) for $15.1 million. The seller, Levy Restaurants, was represented by Derrick Almassy and George Good of CBRE.
Located directly north of the historic Chicago Water Tower and a half a block west of Michigan Avenue, the retail property at 110 E. Pearson Street is situated at the epicenter of the Magnificent Mile in the city’s Near North Side. Approximately 30 million people visit Michigan Avenue annually, and over 100,300 people live within a 1-mile radius earning an average household income of $147,964. More than 335,000 people live within a 3-mile radius and earn an average household income of $132,521. The space was previously home to Bar Toma, a concept by chef Tony Mantuano (Spiaggia, Terzo Piano and River Roast), but has been vacant since January 2017.
“We see this high street retail property on Pearson Street as a rare opportunity to own what could be a trophy asset with proper execution through strategic lease up,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “Considering the clear and permanently unalterable sightlines from Michigan Avenue and its proximity to the historic Water Tower, the vibrancy of the submarket, and its location in the premier shopping district in the Midwestern U.S. not to mention the country, we believe our team should be able to add tremendous value to this asset.”
Sterling Organization, which is headquartered in Palm Beach, FL, can now count as part of its portfolio five assets totaling more than 1.6 million square feet of gross leasable area in the Chicago MSA. From coast to coast, the firm and its principals own almost 9.5 million square feet of primarily retail real estate approaching $2 billion in value.
“We’d like to thank Derrick Almassy and George Good at CBRE for once again ushering us through what was a smooth transaction,” added Michael McCarthy, Sterling’s Managing Director, Investments.
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About Sterling Organization:
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Florida.
Media Contact:
Dana Verhelst, 561-868-2664 or dverhelst@sterlingorganization.com