The successful sale underscores investors' strong interest in owning quality grocery-anchored shopping centers.
WEST PALM BEACH, FL / ACCESSWIRE / May 13, 2024 / Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in retail/LAST HOUR® consumer fulfillment assets, has announced the sale of Caton Crossing for $15.4 million. The property was acquired by an Investment Fund managed by Sterling Organization in March of 2020 for $12.0 million. The 83,792-square-foot shopping center is 100% leased.
2300-2322 Route 59, Plainfield, IL 60586
Caton Crossing is anchored by a 56,192 square-foot Tony's Fresh Market grocery store and includes a complementary mix of national and local tenants. The property is located along Route 59 in Plainfield, IL and benefits from more than 75,000 people living within a 3-mile radius where average household income exceeds $110,000 per year.
"The successful sale of Caton Crossing underscores investors' strong interest in owning quality grocery-anchored shopping centers. Despite the property being fully occupied at acquisition, our team did a fantastic job growing income, ultimately resulting in returns for our investor partners in excess of our fund target," said Jordan Fried, Principal of Sterling Organization. "We'd like to thank Evan Halkias and the Cushman & Wakefield team for their assistance with this transaction, and wish Essential Growth Properties the best of luck with their latest investment," he added.
Sterling Organization and its affiliates own and manage 73 properties across the U.S. with more than 12 million square feet of primarily retail real estate.
Contact Information
Dana Verhelst
SVP, Marketing
dverhelst@sterlingorganization.com
+15618127476
Related Files
Caton-Crossing_TonysFreshMarket
SOURCE: Sterling Organization
View the original press release on newswire.com.
