By Razvan Cimpean
Sterling Org. sold Grandview Shopping Center in San Antonio, a 103,000-square-foot, grocery-anchored retail center, for $21.9 million. Sterling Org. acquired the asset in 2012 for $11.3 million from its institutional fund Sterling Value Add Partners.
Located at 8005-8135 Callaghan Road, the shopping center is easily accessible via interstates 10 and 410. Grandview Shopping Center is anchored by Sprouts Farmers Market, with Petco Animal Supplies as a junior anchor. Tenants include Dollar General, Yaya’s Thai Restaurant and Asel Art Supply. More than 150,000 people live within a three-mile radius of the property.
In recent years, Sprout Farmers Market underwent a complete renovation. Additionally, the property was also modernized with updated building façades, signage, lighting and parking lot.
“During our four and a half years of ownership, our team was able to increase the net operating income at Grandview Shopping Center by almost 75 percent,” Brian Kosoy, managing principal, president & CEO of Sterling Org., said in a prepared statement.
The deal comes a few weeks after Lidl, the German discount supermarket chain, announced that it will anchor the retail development at the intersection of Alamo Ranch Parkway and Lone Star Parkway in San Antonio.
Image via Google Street View