Sterling Organization Expands DC Portfolio
Located in Fairfax County, approximately 25 miles west of Washington, the shopping center marks Sterling's fifth asset in the market.
Kmart, Herndon Center
Washington—Sterling Organization, a real estate investment firm based in Palm Beach, has announced the $7 million purchase of Kmart at Herndon Centre. The transaction was made through Sterling Value Add Partners II LP, the firm’s institutional fund.
The new asset consists of 7.6 acres of land with an 84,180-square-foot building, with Kmart as the shadow anchor to a larger, grocery-anchored shopping center called Herndon Centre, which was not part of the transaction. The property has valuable strengths, counting more than 145,000 people living within a 3-mile radius, as well as an average household income of approximately $138,000.
“We are pleased to add another D.C. MSA asset to our portfolio,” Brian Kosoy, president & CEO of Sterling Organization, said in prepared remarks. “The real estate fundamentals of this property are nothing short of exceptional.”
Image via Google Maps
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