HERNDON, VA–Sterling Organization, a Palm Beach, Fla.-based private equity real estate firm, has made its fifth acquisition in the Washington DC area. It has purchased Kmart at Herndon Centre for $7 million, or $83 per square foot, through its institutional fund Sterling Value Add Partners II.
The 84,180-square foot Kmart at Herndon Centre sits on 7.6 acres of land and is the shadow anchor to a larger, grocery-anchored Herndon Centre, which was not part of the transaction.
Kmart at Herndon Centre was developed in 1976.
Kmart at Herndon Centre is Sterling's fifth asset in the greater D.C. market. In February it acquired Westgate Shopping Center in Manassas through its Sterling United Properties I fund for $42.5 million.
Prior to that, Sterling it acquired a Kmart-anchored power center called Pasadena Crossroads in Pasadena, MD, to its SVAP II portfolio in late 2015.
It also owns the Cheshire Station and Market at Opitz Crossing, both of which are located in Woodbridge, VA. It acquired these properties in 2013 for $23 million and $18 million, respectively.
HERNDON, VA–Sterling Organization, a Palm Beach, Fla.-based private equity real estate firm, has made its fifth acquisition in the Washington DC area. It has purchased Kmart at Herndon Centre for $7 million, or $83 per square foot, through its institutional fund Sterling Value Add Partners II.
The 84,180-square foot Kmart at Herndon Centre sits on 7.6 acres of land and is the shadow anchor to a larger, grocery-anchored Herndon Centre, which was not part of the transaction.
Kmart at Herndon Centre was developed in 1976.
Kmart at Herndon Centre is Sterling's fifth asset in the greater D.C. market. In February it acquired Westgate Shopping Center in Manassas through its Sterling United Properties I fund for $42.5 million.
Prior to that, Sterling it acquired a Kmart-anchored power center called Pasadena Crossroads in Pasadena, MD, to its SVAP II portfolio in late 2015.
It also owns the Cheshire Station and Market at Opitz Crossing, both of which are located in Woodbridge, VA. It acquired these properties in 2013 for $23 million and $18 million, respectively.
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Erika Morphy
Erika Morphy has been writing about commercial real estate at GlobeSt.com for more than ten years, covering the capital markets, the Mid-Atlantic region and national topics. She's a nerd so favorite examples of the former include accounting standards, Basel III and what Congress is brewing.
