Sterling Org. has acquired Town Center Colleyville, a 244,917-square-foot retail asset in Colleyville, Texas. The buyer purchased the asset on behalf of one of its institutional funds, Sterling Value Add Partners III.
Located at 5605 Colleyville Blvd., the property is 85 percent leased and is anchored by a Market Street, which has more than 16 years of historical occupancy at Town Center Colleyville. The new owner plans to implement value-add initiatives and improve the financial performance of the asset, according to Brian Kosoy, managing principal, president & CEO of Sterling Org.
Other tenants include Studio Movie Grill, Great Clips, Games Workshop, Townhouse Brunch and a FedEx office. The property is within 9 miles of DFW International Airport and 21 miles northwest of Dallas’s central business district.
With the addition of Town Center Colleyville to its portfolio, Sterling Org. owns 58 properties comprising some 11 million square feet, totaling mainly retail real estate from coast to coast. In June 2019, the company paid $27 million for a 109,455-square-foot shopping center in the San Diego suburb of Poway, Calif.