Prairie Market is a 101,466-square-foot shopping center located along U.S. Route 34 and bifurcated by Fifth Street in Oswego—a far west suburb of Chicago. The property is anchored by Aldi and PetSmart and includes 10 outparcels. The owned property is part of a larger regional power center that includes Walmart, Hobby Lobby, Burlington, Kohl's, Dick's Sporting Goods and Best Buy. The outparcel tenants at the property include Chase Bank, Burger King, Olive Garden, Fifth Third Bank, Firestone and Panda Express. Prairie Market was developed between 2007 and 2009.

“Hillside Town Center and Prairie Market—the second and third properties acquired via SVAP III, our latest value-add private equity fund—each exhibit excellent real estate fundamentals and are located in vibrant trade areas. We see potential to add value at both properties by pulling a myriad of levers. As always, our team will do everything in its power to execute on behalf of our investor partners,” says Brian Kosoy, managing principal, president and CEO of Sterling Organization.

In late August, Sterling Organization acquired North Ranch Gateway, an 86,520-square-foot shopping center in a Los Angeles suburb for $35 million. The property was purchased of Sterling Value Add Partners III, LP.

A month earlier, the firm reported it closed Sterling Value Add Partners III, LP with total capital commitments of $495 million. The fund exceeded its initial fundraising target of $450 million.