Sterling Organization buys 1M SF Retail Portfolio from SITE Centers; the open-air properties are located in three different regions-Atlanta, D.C. and San Antonio

9/27/2024

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CPE

• Subcategory: Retail: Shopping

• Tag: Sale

• Additional Filters-Subcategory: Retail: Grocery, Retail: Grocery Anchored, Retail: Neighborhood Center, Retail: Open-Air

• Additional Filters-Tags: Sale: Investment, Sale: Portfolio

• Company: Sterling Organization

Sterling Organization has closed on the $180.5 million purchase of a 994,000-square-foot portfolio of open-air shopping centers, the company announced on Friday. Located in the Atlanta, Washington, D.C., and San Antonio metropolitan areas, the three properties were sold by SITE Centers.

With the purchase, the West Palm Beach-based private equity firm’s portfolio now spans north of 13 million square feet across 75 properties.

The deal is the second of 2024 for this buyer and seller. In a $42 million deal announced last January, Sterling acquired SITE’s Marketplace at Highland Village, a 205,926-square-foot center located in the Dallas suburb of Highland Village, Texas.