{"id":1004738866,"date":"2024-11-27T04:05:38","date_gmt":"2024-11-27T12:05:38","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004738866"},"modified":"2024-11-27T06:48:54","modified_gmt":"2024-11-27T14:48:54","slug":"sterling-organization-sells-shopping-center-for-70m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-organization-sells-shopping-center-for-70m\/","title":{"rendered":"Sterling Organization Sells Shopping Center for $70M"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-large is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Windsor-Square.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004738884\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sterling-organization-sells-shopping-center-for-70m\/windsor-square\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Windsor-Square-e1732708627862.jpg\" data-orig-size=\"1292,970\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Windsor Square\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Windsor-Square-e1732708627862.jpg?w=1024\" height=\"769\" width=\"1024\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/11\/Windsor-Square.jpg?w=1024\" alt=\"Exterior shot of Sam's Club, one of the tenants at Windsor Square in Matthews, N.C.\" class=\"wp-image-1004738884\" style=\"width:400px\"\/><\/a><figcaption class=\"wp-element-caption\">Sam&#8217;s Club is one of the tenants at Windsor Square. <em>Image courtesy of Sterling Organization<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Sterling Organization has sold regional shopping center Windsor Square for $70.1 million to Hackney Real Estate Partners. The 658,000-square-foot asset in suburban Charlotte, N.C., previously traded for $38.4 million.<\/p>\n\n\n\n<p>The seven-building property occupies nearly 64 acres at 1814 Windsor Square Drive, off U.S. Route 74 in Matthews, N.C. Downtown Charlotte is about 9 miles away, and closer at hand, the shopping center is about 1.5 miles north of Interstate 485. <\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/the-next-star-of-post-pandemic-recovery\/\">Retail\u2019s Post-Pandemic Recovery<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>At the time of the sale, Windsor Square was 97 percent leased. Tenants include Sam\u2019s Club, Kohl\u2019s, Ross Dress for Less, PetSmart, Office Depot, Beall&#8217;s and At Home. More than 58,000 people live within a 3-mile radius of the property, with an average household income of about $114,000.<\/p>\n\n\n\n<p>Sterling now owns about 13 million square feet among 73 properties. In September, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-organization-buys-1-msf-retail-portfolio\/\">acquired a 994,000-square-foot portfolio<\/a> of open-air shopping centers in the Atlanta, San Antonio and Washington, D.C., metros for $180.5 million.<\/p>\n\n\n\n<p>In June, the firm <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-organization-closes-600m-retail-real-estate-fund\/\">closed its Sterling Value Add Partners IV LP<\/a>. The fund obtained total capital commitments of $600 million, exceeding the $500 million target, and pursues the acquisition of value-add grocery-anchored shopping centers, neighborhood centers and power centers. <\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-charlotte-retail-tight\">Charlotte retail tight<\/h2>\n\n\n\n<p>The Charlotte retail market is a tight one, coming in at 3.1 percent vacancy at the beginning of the fourth quarter, according to a Marcus &amp; Millichap report. Some 820,000 square feet is currently under construction.<\/p>\n\n\n\n<p>Companies leased nearly 2 million square feet of Charlotte retail space in 2023, the report shows, with less than a 1 million square feet completed that\u00a0year. Leasing is down so far in 2024, to less than 1 million square feet. However, asking rents edged up by more than 4 percent this year to about $20 per square foot. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The investor previously paid about $38 million for the asset.<\/p>\n","protected":false},"author":1023,"featured_media":1004738884,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1582,21783,21742,21749,32781],"tags":[52175,36215],"class_list":["post-1004738866","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-charlotte","category-investment","category-latest","category-retail","category-southeast","tag-hackney-real-estate-partners","tag-sterling-organization"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Sterling Organization Sells Shopping Center for $70M - 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