King Farm Village Center Trades for $40M
Regency Centers was the seller of the 118,326-square foot grocery anchored shopping center.
ROCKVILLE, MD—Private equity real estate firm Sterling Organization has announced the acquisition of King Farm Village Center, a 118,326-square-foot grocery-anchored shopping center here. Regency Centers was the seller of the property, which traded for $40 million, or $338 per square foot. Sterling Organization acquired King Farm Village Center on behalf of its institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP, or SUP I.
King Farm Village Center, which is located within the master-planned community King Farm Village, is currently 93% leased and anchored by a 53,754-square-foot Safeway grocery store.
This acquisition is the final investment of the SUP I fund, according to Brian Kosoy, president and CEO of Sterling Organization.
King Farm Village Center is Sterling Organization’s sixth acquisition in the Washington, DC metro area and the fourteenth acquisition in SUP I fund, which contains 14 grocery-anchored shopping centers and more than 1.7 million square feet of GLA.
The Palm Beach, FL-based firm owns more than 10 million square feet of primarily retail real estate approaching $2 billion in value.