Sterling Organization has announced the sale of Cheshire Station shopping center located in Dale City, VA (Washington D.C. MSA).
WEST PALM BEACH, Fla., May 17, 2022 (GLOBE NEWSWIRE) -- Sterling Organization, a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the sale of Cheshire Station shopping center located in Dale City, VA (Washington D.C. MSA).
Cheshire Station is a 105,054-square-foot Safeway-anchored shopping center that was acquired for $22.25 million as part of an off-market portfolio transaction with Northern Virginia shopping center, Market at Opitz Crossing, on behalf of Sterling's institutional fund Sterling Value Add Partners I, LP ("SVAP I"). The center was sold to Haverford Properties, an active Northeast investor based out of Philadelphia, on May 13, 2022, for $29.1 million. The portfolio, which was purchased for a combined price of $40 million, has now been fully realized at a combined sale price of $58.4 million.
"The sale of this asset highlights the strong investor demand for well-located, grocery-anchored shopping centers," said Brian Kosoy, CEO and Managing Principal of Sterling Organization. "We are very pleased with our team's effort and are pleased to have another successful realization for our SVAP I Fund investor partners. The portfolio investment metrics exceeded our target returns and yielded a collective 24.8% IRR and 2.48x Multiple," added Kosoy.
Sterling Organization currently owns and manages approximately 70 properties in major markets throughout the United States exceeding 11.4 million square feet and approaching $2.4 billion in value.
Sterling Organization is a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets across the risk spectrum in major markets within the United States. Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL.
Visit us online: www.sterlingorganization.com
Image 1: Cheshire Station
Safeway grocer at Cheshire Station
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