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Fundraising - DECEMBER 18, 2014

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Value-add fund exceeds fundraising target

by Andrea Waitrovich

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

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