Sterling Organization has acquired a nine-property, 1,236,429-square-foot shopping center portfolio comprised of eight grocery-anchored centers and one power center.
The portfolio was purchased from DRA on behalf of two of Sterling Organization’s managed funds, for a total purchase price of approximately $202 million.
The portfolio is geographically concentrated in two major metropolitan areas, with six of the properties located within the Minneapolis MSA and three located within the Chicago MSA. Tenants anchoring the portfolio of properties include Cub Foods (4), Jewel-Osco (2), Lunds & Byerlys, Tony’s Fresh Market, Michaels (2), Home Depot, HomeGoods, PetSmart, Petco, Office Depot and Five Below (2).
With the closing of this nine-property portfolio, Sterling Organization, along with its principals and investment partners, currently owns 67 properties from coast to coast, comprising more than 12 million square feet of primarily retail real estate exceed
