Press Release
Monday, June 13, 2011
Sterling Organization Completes $7.8 Million Refinance of The Falls Centre in Raleigh, NC
PALM BEACH (June 13, 2011) – Sterling Organization, a leading privately-owned retail real estate investment, services and development company headquartered in Palm Beach, Florida, has completed a $7.8 million refinance of The Falls Centre, a 110,270-square-foot community shopping center in Raleigh, North Carolina.
Located just six miles north of downtown Raleigh at the intersection of The Falls of Neuse Road and Wake Forest Road, The Falls Centre is comprised of two retail buildings and one outparcel. The 12-acre property enjoys high traffic and excellent visibility situated in one of the city’s strongest retail trade areas.
The Falls Centre is anchored by a strong mix of national tenants, including Stein Mart, Office Depot, Jo-Ann Fabrics, Sears and Pei Wei. National retailers comprise over 87 percent of the shopping center’s leasable space, with an overall tenant occupancy rate of 99 percent. Sterling Organization, recently ranked as the 58th largest U.S. owner of retail real estate and 83rd largest retail property manager based on total gross leasable space, according to Retail Traffic Magazine’s, acquired The Falls Centre in May 2004. The transaction was closed with The Paul Revere Life Insurance Company, a UNUM Group company.
“We value our relationship with UNUM, and are pleased to have transacted with them again,” said Brian Kosoy, CEO of Sterling Organization. “The last few years have proven that we are in a business where relationships matter. UNUM is a great partner, and we hope to continue doing business with UNUM’s tremendous team in the future.”
“This transaction demonstrates that attractive financing is available to high-quality operator/borrowers on conservatively leveraged properties with a proven track record. It also shows that it is possible to refinance a property not only without coming out of pocket, but also with the ability to take some cash out,” added Al Rex, senior vice president of Grandbridge Real Estate Capital, who provided the mortgage banking services.
Sterling Organization, the third, largest privately-held retail real estate company based in Florida, is a leading player in the retail real estate market, most recently acquiring LA Fitness Plaza, a 105,000-square-foot shopping center in Palm Beach Gardens, Florida. The company’s portfolio of marquis properties also includes Royal Poinciana Plaza in Palm Beach, Hawthorne Works Shopping Center in Chicago, Windsor Square Shopping Center in Charlotte, Gainesville Town Center in Atlanta, and Ingram Hills Shopping Center in San Antonio.
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About Sterling Organization
Sterling Organization is a fully-integrated and diversified real estate investment, services and development company with an established track record of success in the shopping center industry. The company is focused on the ownership, management, acquisition, redevelopment, development, leasing and related services for real estate assets on behalf of its partners and for the benefit of its own property ownership interests in the United States. Sterling Organization currently owns approximately six million square feet of retail and commercial real estate, with a focus in Arizona, Colorado, Florida, Georgia, Illinois, North Carolina, Tennessee and Texas, with an aggregate value approaching $1 billion. Sterling Organization is headquartered in Palm Beach, Florida.