The Real Deal Miami

Palm Beach firm bags Atlanta-area shopping center for $10.5M

Sterling Organization paid $142 per square foot for the Kroger-anchored shopping center in Lilburn, a suburb about 20 miles northeast of downtown Atlanta
June 03, 2018 10:00AM

Five Forks Crossing shopping center in Lilburn, Georgia (Credit: Kimco Realty)

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.

Sterling bought the shopping center from Kimco Realty on behalf of its core fund for institutional investments in grocery-anchored shopping centers, Sterling United Properties I, LP (SUP).

“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