At sale, the shopping center was anchored by Ross Dress for Less, Marshalls and Crunch Fitness. The property boasts a customer base of over 71,000 people living within a 3-mile radius of the property earning an average household income over $166,000 per year.
WEST PALM BEACH, FL / ACCESSWIRE / November 5, 2024 / Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing primarily in retail real estate assets, has announced the sale of Roswell Village Shopping Center in Roswell, GA (Atlanta MSA). Sterling originally acquired the property in 2014 for $10.55 million.
Roswell Village Shopping Center aerial with tenant call-out
Roswell Village Shopping Center is located in Roswell (Atlanta MSA), GA at Holcomb Bridge Road and Highway 9 intersection with more than 82,000 cars passing the site daily. During their ownership, Sterling executed a significant re-tenanting of the property which was purchased at 31% occupied and sold at 94% leased. At sale, the shopping center was anchored by Ross Dress for Less, Marshalls and Crunch Fitness. The property boasts a customer base of over 71,000 people living within a 3-mile radius of the property earning an average household income over $166,000 per year.
"During our ownership of the shopping center, our team was able to increase occupancy from 31% to 94% and transformed the center which now undoubtedly better serves the local community and its residents. I am proud of the results related to our team's efforts, in taking what was a "broken" property and transforming it into a clean and vibrant community asset," said Bob Dake, Principal of Sterling Organization.
"We at Sterling would like to extend our gratitude to Jim Hamilton's team at JLL for their assistance with this transaction. We also extend our best wishes to Revesco Properties and wish them continued success with this exceptional asset. We sincerely appreciate their professionalism throughout the entire process," added Jordan Fried, Principal of Sterling Organization.
Sterling Organization, and its affiliates, own and manage 74 properties across the U.S. with more than 13 million square feet of primarily retail real estate across the U.S. worth over $2 billion in value. Sterling is actively acquiring shopping centers and currently has more than $1 billion of buying power.
Contact Information
Dana Verhelst
SVP, Marketing
dverhelst@sterlingorganization.com
+15618127476
SOURCE: Sterling Organization
View the original press release on newswire.com.
