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Sterling Raises $6M for Shops Around Lenox

ATLANTA-The new joint-venture owners plan to renovate the Buckhead retail complex.

By Carl Cronan | Updated on July 09, 2009

ATLANTA-Locally based Sterling Real Estate Capital LLC says it raised $6.3 million in joint-venture equity for the purchase of the 126,000-square-foot Shops Around Lenox in the Buckhead submarket. Baltimore-based Alex. Brown Realty Inc. provided that amount to the JV, with locally based Healey Weatherholtz Properties LLC contributing another $4.2 million.

The actual purchase price of the asset was not immediately available, though Healey Weatherholz says it plans $5 million worth of renovations and security upgrades to the 30-year-old, single-story complex. State Farm Life Insurance Co. provided debt financing.

“An outstanding retail operator combined with an experienced equity partner and an irreplaceable retail location will make the repositioning of this asset a great success,” says Peter Fish, managing director of Sterling Real Estate in Atlanta. Redevelopment is scheduled to be finished by next spring.

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