Sterling Organization Sells Raleigh, North Carolina Property for $15.7 Million.
Sterling Organization has announced the sale of a shopping center to an Alabama company.
RALEIGH, N.C., October 17, 2023 (Newswire.com) - Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the sale of The Falls Centre to Alabama based Fairway Investments for $15.7 million.
The Falls Centre, a 110,277-square-foot shopping center, is located just six short miles from downtown Raleigh. The property is positioned at the highly trafficked intersection of Falls of Neuse Road and Old Wake Forest Road and is anchored by Office Depot, Jo-Ann Fabric and Anytime Fitness. There are over 240K people who live within a five-mile radius, who have an average household income that exceeds $112K.
“We are very pleased with the sale of The Falls Centre and the investment performance we were able to deliver to our partners,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “We want to express our sincere gratitude to Rad von Wessorwetz from the Berkeley Capital Advisors team for their invaluable assistance in this transaction. We extend our best wishes to the new owners as they embark on a promising opportunity ahead,” added Mr. Kosoy.
Sterling Organization and its affiliates own and manage 72 properties across the U.S. with more than 12 million square feet of primarily retail real estate across the U.S. worth approximately $2.8 billion in value.
Source: Sterling Organization