Sterling Organization closes “last-hour” logistics fund
Sterling Organization, a vertically integrated private equity real estate firm investing in “last-hour” consumer fulfillment and distribution assets, has completed the final closing of its first Sterling logistics properties fund, Sterling Consumer Logistics Properties I (SCLP I).
The fund closed with $225 million of capital commitments, which came from a diverse institutional investor base that included endowments and public pension funds.
SCLP I will opportunistically acquire primarily vacant, freestanding retail buildings with the intent to convert them into neighborhood fulfillment centers. The properties will be leased to third-party logistics providers, ecommerce retailers, traditional retailers and direct-to-consumer manufacturers. The fund already owns six properties totaling 451,000 square feet of gross leasable area in markets such as New York, Los Angeles, Seattle, San Francisco, Chicago and Phoenix.
“Sterling Logistics Properties was born out o