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.
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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.
