Sterling Buys 105,000-SF Retail Center

SAN ANTONIO-Sterling Organization, based in Palm Beach, FL, has claimed ownership of the 105,328-square-foot Grandview Shopping Center, paying RPD Catalyst $11.1 million for the 1970s property. The buyer relied on its Sterling Value Add Partners LP fund to acquire the retail asset, which is anchored by a Sprouts grocery store.

“We felt the value could be added in several places. Filling the vacancy, improving tenant quality and bringing rents up to the market rate are where the value can be added,” comments Sterling president and CEO Brian Kosoy. He adds that Grandview Shopping Center, at Interstate 10 and Callaghan Road, will benefit from some upfront capital expenditures that will include fresh paint, new signage, parking lot lighting and perhaps an opportunity to develop pad sites or outparcels.