ROSWELL, GA—Palm Beach, FL-based Sterling Organization has acquired the Roswell Village Shopping Center here for $10.55 million.

The company utilized its institutional fund Sterling Value Add Partners II, LP to acquire the 145,082-square-foot shopping center in an off-market transaction. The retail center is located at the southwest corner of Highway 9 and Holcomb Bridge Road, approximately 20 miles north of downtown Atlanta. National tenants at the center include Goodyear, Pizza Hut, Jersey Mike's Subs and Curves. The physical occupancy of the center is currently 31%, Sterling states.

“We are optimistic about the opportunity to re-establish this property as a busy, vibrant and performing shopping center,” says Brian Kosoy, managing principal, president and CEO of Sterling Organization. “The property represents a good opportunity as the first investment in our current value-add fund. We are prepared to be patient and are committed to doing the heavy lifting and hard work necessary to revitalize this long languishing asset. We are confident that better days lay ahead for Roswell Village Shopping Center.”

The Roswell Village Shopping Center was originally built in 1973. “As a longtime Atlanta resident and local real estate professional, I have felt for almost a decade that this property was one of the better repositioning or redevelopment opportunities in the city,” says Rob Morris, regional director of Sterling Organization who is based in Atlanta. “I am excited to have the opportunity and capital necessary to make it happen.”