West Palm Beach, Fla.-based private equity real estate firm Sterling Organization recently announced the $93.2 million acquisition of a shopping center in the Atlanta submarket of Marietta.

Totaling nearly 272,000 square feet of Atlanta retail space, Merchants Walk is anchored by a high-performing Whole Foods Market and was 90% leased at the time of sale. Co-anchors include Marshalls, PetSmart, Old Navy, DSW, Ulta Beauty, Office Depot, and Georgia Theater Company Stadium Cinemas. The property is also shadow-anchored by Kohl’s.

Situated on a lot of approximately 30 acres, the shopping center is located at the intersection of Roswell Road and Johnson Ferry Road — two of north Atlanta’s most heavily trafficked non-highway corridors that carry more than 82,100 vehicles per day.

Attracting more than 3.1 million visitors annually, the property ranks in the top three by total visits among shopping centers within a five-mile radius. What’s more, it’s strategically located at the epicenter of East Cobb — one of Atlanta’s most sought-after submarkets, where the three-mile trade area is home to nearly 65,000 residents with an average household income of approximately $230,000.

The purchase was made on behalf of Sterling’s $600 million equity institutional value-add fund, Sterling Value Add Partners IV (SVAP IV), and represents the fund’s 10th investment and its second in the Atlanta metro area. SVAP IV had previously purchased the 264,271-square-foot, Kroger-anchored Presidential Commons in September 2024 for $42.5 million.

“Merchants Walk is exactly the type of asset we are targeting on behalf of our SVAP IV fund. The property is well-located, attracts an affluent customer base and maintains a deep roster of high-performing national tenants with long operating histories at the center,” said Jordan Fried, principal at Sterling Organization. “We have had the pleasure of transacting with EDENS as both a buyer and a seller on many occasions and appreciate their professionalism and collaborative approach, which results in smooth and efficient transactions. I also want to thank Kevin Hurley, Matt Karempelis and their team at CBRE’s National Retail Partners for their assistance throughout.”

“We are excited about the compelling opportunity Merchants Walk presents to add significant value through the lease-up of more than 26,000 square feet of the property’s well-positioned vacant space in one of metro Atlanta’s strongest retail corridors,” said Bob Dake, principal at Sterling Organization. “Additional upside exists through the opportunity to bring below-market rents to market as those leases naturally expire. We also believe our team should be able to take advantage of some less than obvious, yet material, value-add activities at the asset during our ownership on behalf of our fund partners. I look forward to seeing how the deal unfolds in the next few years.”