Palm Beach-based Sterling Organization, a private equity real estate investment firm, acquired a supermarket-anchored shopping center near Atlanta for $10.5 million.
Sterling paid $142 per square foot for the shopping center in Lilburn, an affluent suburb about 20 miles northeast of downtown Atlanta.
The 27-year-old shopping center, called Five Forks Crossing, has 73,910 square feet of retail space including a 62,000-square-foot Kroger supermarket.a
The property’s inline tenants include Coast Dental, Great Clips and The UPS Store.
“We specifically target properties such as Five Forks Crossing that are well positioned in strong submarkets within major MSAs [metropolitan statistical areas] and which are anchored by market-leading grocers,” Ed Senenman, senior managing director of investments and portfolio management at Sterling. – Mike Seemuth