Particularly in this capital environment, we are pleased to acquire a defensive, grocery-anchored shopping center in a gateway market that features upside potential.
WEST PALM BEACH, FL / ACCESSWIRE / April 11, 2023 / Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Fremont Town Center (the "Center"), a 117,068-square-foot grocery-anchored shopping center located in Fremont, CA. The Center is located in the East Bay of the San Francisco MSA and was acquired on behalf of Sterling's institutional Fund, Sterling Value Add Partners III, LP ("SVAP III") for $40.45 million. The acquisition marks the 21st investment made by the $497 million equity Fund.
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Fremont Town Center is anchored by a 53,912-square-foot Safeway grocery store, which is complemented by strong national tenants including 5 outparcels occupied by Bank of America, Cathay Bank, Burger King, Taco Bell, and KFC. The Center is well-positioned in a densely populated and affluent suburb and has nearly 70,000 people living within 3-miles of the property with average household incomes of over $210,000.
"We are pleased to add Fremont Town Center as the final shopping center investment in our SVAP III portfolio. We believe the Center offers our team the opportunity to bring an institutional level of ownership to an asset that presents multiple value-add opportunities for us to execute on, on behalf of our investor partners," said Brian Kosoy, Managing Principal and CEO of Sterling Organization. "We believe we can grow occupancy from its current 79% level and further add value with a number of mark-to-market rent opportunities which collectively should result in significant income growth," he added.
"Particularly in this capital environment, we are pleased to acquire a defensive, grocery-anchored shopping center in a gateway market that features upside potential," added Jordan Fried, Principal of Sterling Organization. "We'd like to sincerely thank Gleb Lvovich, Geoff Tranchina, Eric Kathrein, Daniel Tyner and the JLL team for their assistance with this transaction."
Sterling Organization currently owns 73 properties, across multiple Funds, in major markets throughout the United States exceeding 12.3 million square feet and approaching $2.8 billion in value.
Learn more about Fremont Town Center here.
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Contact Information:
Dana Verhelst
SVP, Marketing
dverhelst@sterlingorganization.com
+15618127476
SOURCE: Sterling Organization
https://www.accesswire.com/748414/Sterling-Organization-Acquires-Grocery-Anchored-Shopping-Center-in-Fremont-CA-for-4045-Million
