{"id":1004781492,"date":"2025-12-15T05:37:20","date_gmt":"2025-12-15T13:37:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004781492"},"modified":"2025-12-15T05:37:22","modified_gmt":"2025-12-15T13:37:22","slug":"sterling-sells-san-antonio-shopping-center-for-115m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/sterling-sells-san-antonio-shopping-center-for-115m\/","title":{"rendered":"Sterling Sells San Antonio Shopping Center for $115M"},"content":{"rendered":"\n<p>Sterling Organization has sold Park North Shopping Center, a 635,000-square-foot retail property in San Antonio, Texas, for $115 million. Dhanani Private Equity Group was the buyer, according to Yardi Matrix data.<\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"800\" height=\"620\" data-attachment-id=\"1004781499\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/sterling-sells-san-antonio-shopping-center-for-115m\/park-north-shopping-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg\" data-orig-size=\"800,620\" 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;1743086192&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;0&quot;}\" data-image-title=\"Park North Shopping Center\" data-image-description=\"&lt;p&gt;Image via release: https:\/\/www.sterlingorganization.com\/sterling-organization-announces-sale-of-park-north-shopping-center-in-san-antonio-texas-for-115-million\/&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Park North Shopping Center, a 635,000-square-foot retail property located at 842 Northwest Loop 410 in San Antonio. Image courtesy of Sterling Organization&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg?w=800\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg\" alt=\"Park North Shopping Center, a 635,000 square foot retail property located at 842 Northwest Loop 410 in San Antonio\" class=\"wp-image-1004781499\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/12\/Park-North-Shopping-Center.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/a><figcaption class=\"wp-element-caption\">Park North Shopping Center, a 635,000-square-foot retail property located at 842 Northwest Loop 410 in San Antonio. <em>Image courtesy of Sterling Organization<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Sterling Organization had originally acquired the property for $81 million in September 2016, on behalf of its institutional value-add fund, Sterling Value Add Partners II (SVAP II). Adjusted for inflation, that amount would be the equivalent of about $109 million currently.<\/p>\n\n\n\n<p>Park North Shopping Center is at 842 Northwest Loop 410 and is anchored by a Target store on a ground lease. Other national, regional and local tenants include Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers, World Market, Outlaw Pickleball, Dollar Tree, Chipotle and First Watch.<\/p>\n\n\n\n<p>The center was completed in 1988 on a 44.4-acre site, according to information provided by Yardi Matrix.<\/p>\n\n\n\n<p>In a prepared statement, Sterling Principal Bob Dake noted that the REIT has boosted the property\u2019s occupancy from 73 percent to 93 percent over the period that it has owned and managed the center. He attributed the center\u2019s success in part to its multiple entertainment-focused tenants.<\/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\/why-retailers-are-turning-to-sale-leasebacks\/\">Why Retailers Are Turning to Sale-Leasebacks<\/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>The company also pointed out that Park North boasts about 7.1 million annual visitors and reportedly is among the most-trafficked shopping centers in the San Antonio MSA.<\/p>\n\n\n\n<p>A JLL team led by Chris Gerard, senior managing director &amp; retail group leader, and Barry Brown, senior managing director, capital markets, represented Sterling in the sale.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-alamo-city-holding-its-own\">Alamo City holding its own<\/h2>\n\n\n\n<p>Notwithstanding higher vacancy and deliveries, lower rents and decreased leasing activity, the retail sector in San Antonio retains positive fundamentals, according to a third-quarter report from Partners Real Estate. Though down a bit, third-quarter leasing was close to the recent average, while net absorption increased slightly.<\/p>\n\n\n\n<p>\u201cThe vacancy rate rose 20 basis points quarterly and 30 basis points annually to 4.3 percent. Low vacancy reinforces the landlord-favorable dynamics in the market,\u201d Partners reported.<\/p>\n\n\n\n<p>In August, Sterling Organization subsidiary <a href=\"https:\/\/www.commercialsearch.com\/news\/sterling-logistics-fund-acquires-former-bay-area-walmart-store\/\">Sterling Logistics Properties acquired<\/a> a 127,380-square-foot former Walmart store at 40580 Albrae St. in Fremont, Calif., for $32.6 million. The acquisition was made on behalf of Sterling Consumer Logistics Properties I LP, a $225 million equity fund. The buyer indicated that it might redevelop the property into warehouse space, for either advanced manufacturing or logistics tenants.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Target anchors the multi-building property. <\/p>\n","protected":false},"author":882,"featured_media":1004781499,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21742,21749,1607,51973],"tags":[32796,52018,36215],"class_list":["post-1004781492","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-latest","category-retail","category-san-antonio","category-southwest","tag-jll","tag-partners-real-estate","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 Sells San Antonio Shopping Center for $115M - 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