ATLANTA—Sterling Organization just bought another retail asset in metro Atlanta. The Palm Beach, FL real estate firm snapped up Market Center in Roswell, GA, an affluent and growing suburb of Atlanta, in an off market deal.
GE Capital sold the retail asset to the firm's institutional fund, Sterling Value Add Partners II. The price was $8.63 million.
"We like the macro fundamentals of the Atlanta market and believe the current positive momentum will help float all boats,” Brian Kosoy, managing principal, president and CEO of Sterling, tells GlobeSt.com. “But our investment decisions are more heavily weighted to microeconomic factors and related opportunities that present themselves at specific properties at specific locations.”
In this case, Market Center was originally developed in 1990. About 80,000 people live within a three-mile radius of the retail property, where the average household income is more than $89,000.
Office Depot anchors the 81,829-square-foot neighborhood shopping center. A 102,000-square-foot Home Depot shadow anchors the retail asset. It is located one mile east of State Route 400 at the northwest corner of Holcomb Bridge Road and Holcomb Woods Parkway. That's about 20 miles north of Downtown Atlanta.
“This acquisition represents our second purchase in Roswell and our third in the Atlanta MSA in the past 10 months, all of which were sourced off market,” says Kosoy. “As with the previous two purchases, our team expects to be able to add significant value to what currently is a 55% occupied property on behalf of our investor partners. Hand in hand with said expectations, we are committed to providing a much improved venue for the Roswell community to patronize.”
In October 2014, Sterling acquired a retail property also located on Holcomb Bridge Road, Roswell Village Shopping Center, which is a few miles northwest of Market Center on the west side of SR-400. In May 2014, Sterling acquired North DeKalb Mall located in the Atlanta suburb of Decatur, GA, in a joint venture with Lennar Commercial.
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