Value-add fund exceeds fundraising target
Sterling Organization announced the final closing of its second discretionary closed-end fund, Sterling Value Add Partners II, with total capital commitments of $311 million, exceeding its $275 million target.
The value-added retail fund launched in June 2014. With leverage, Sterling Value Add Partners II has more than $1 billion of buying power.
The fund will target grocery-anchored shopping centers, power centers, enclosed malls, mixed-use properties and urban retail assets in major markets across the United States.
It has started to invest some of it capital. The fund acquired the 145,082-square-foot Roswell Village Shopping Center in Roswell, Ga., for $10.55 million. The acquisition was announced in October.
Sterling Organization’s first fund, Sterling Value Add Partners, closed in December 2012 with total capital commitments of $138 million. The firm is currently investing its capital. In August 2014, the fund acquired 912,382 squa