PALM BEACH, FL—The Sterling Organizationreports the final closing of its second discretionary closed endreal estate fund—Sterling Value Add Partners II,LP. The fund exceeded its fundraising target and raisedcommitments of $311 million.

The locally-based privately owned real estate investment andservices firm states that the fund's original target was $275million. With leverage, Sterling Value Add Partners II, LP has morethan $1 billion of buying power, Sterling officials say.Commitments were made by a diverse investor base that includesdomestic endowments, foundations, private and public pension plans,fund of funds and family offices, the company states.

The fund will target grocery-anchored shopping centers, powercenters, enclosed malls, mixed-use properties and urban retailassets in major markets across the United States. SterlingOrganization's first fund, Sterling Value Add Partners (SVAP I),closed in December 2012 with total capital commitments of $138million.