Sterling Organization acquires portfolio of shopping centers totaling almost 1msf for $180m

Sterling Organization announced the acquisition of a three-property portfolio acquired from SITE Centers. The portfolio was purchased on behalf of Sterling’s value-add fund investment vehicle Sterling Value Add Partners IV (SVAP IV), which held its final closing in second quarter of 2024 having raised $600 million of equity. The $180.5 million deal included Fairfax Towne Center in Fairfax, Va. (Washington, D.C. MSA); Presidential Commons in Snellville, Ga. (Atlanta MSA); and Village at Stone Oak in San Antonio.

Each property has a grocery component (Kroger, Safeway, Target), and the portfolio has a current occupancy rate of 86 percent.

Fairfax Towne Center is a 253,392-square-foot Safeway-anchored shopping center located at 12100–12214 Fairfax Towne Center in Fairfax, Va., with additional national retail tenants including T.J. Maxx, Regal Cinemas and JOANN Fabric and Crafts.

Presidential Commons is a 264,271-square-foot Kroger-anchored shopping center locate