The vertically integrated private equity real estate investment firm Sterling Organisation, which is headquartered in West Palm Beach, Florida, has announced the acquisition of Thousand Oaks Shopping Center.
Located at 2929 Thousand Oaks Drive in San Antonio, Texas, the purchase was made on behalf of Sterling’s $600M institutional value-add fund, Sterling Value Add Partners IV (SVAP IV).
Thousand Oaks Shopping Center is a 161,819sq ft shopping centre anchored by a 65,000sq ft high-volume H-E-B grocery store. The centre is also home to a diverse mix of national and regional retailers, including Five Below, T-Mobile, The UPS Store, Papa John’s Pizza and MedPost Urgent Care. The location benefits from strong traffic counts and close proximity to major highways. More than 87,000 people reside within a three-mile radius of the property with average household incomes of about $118,000.
“We are thrilled to add Thousand Oaks Shopping Center to our SVAP IV portfolio. This acquisition adds another quality grocery-anchored asset, in a great market, with immediate actionable value-add opportunities to our growing SVAP IV portfolio of shopping centres. Our team looks forward to executing our business plan as we work to deliver strong returns for our investor partners,” said Jordan Fried, Principal at Sterling Organization.
“We’d like to thank Jacob Khotoveli with JBL Asset Management, as well as Conor Lalor, Eric Williams and Kyle Minter with the Newmark team, for their collaboration on this transaction. We truly appreciate the relationship and their collective efforts, professionalism and efficiency from start to finish.”
Sterling Organization and its affiliates own 81 properties throughout the US, across various funds and other investment vehicles, encompassing over 14 million square feet and exceeding $3.5bn in value.
