Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of The Orchards (the “Center”), a 159,272-square-foot grocery-anchored shopping center located in Greenwood Village, Colorado (Denver MSA). Sterling Organization acquired the Center on behalf of its institutional Fund, Sterling United Properties II, LP (“SUP II”), a $267 million equity Fund that is focused on investing in stable grocery-anchored shopping centers. SUP II now owns 16 properties encompassing approximately 2 million square feet of GLA.
The Orchards is positioned at the signalized intersection of East Orchard Road and South Holly Street in Greenwood Village, Colorado and is anchored by a 78,000-square-foot King Soopers (Kroger) grocery store. The Center is in a densely populated and affluent suburb with nearly 100,000 people living within 3-miles of the property with average household incomes of approximately $200,000.
“After a decade of educating ourselves on the Denver market and pursuing numerous opportunities therein, we are very pleased to finally expand our geographic footprint with the acquisition of The Orchards on behalf of our SUP II Fund. We believe our patience and discipline have paid off, as The Orchards is a grocery-anchored asset in the Denver market, serving what is one of its most dynamic and affluent submarkets in the MSA,” said Brian Kosoy, Managing Principal and CEO of Sterling Organization. “We look forward to executing on opportunities to further enhance the property’s value through strategic management and leasing initiatives that enable The Orchards to best serve the local community and will also drive net operating income growth for the benefit of our investor partners,” he added.
“We’d like to extend our gratitude to the seller. It was a pleasure working with such a fantastic group and we truly appreciate their professionalism throughout the process,” said Jordan Fried, Principal of Sterling Organization. “We would also like to sincerely thank Brad Lyons and CBRE for their assistance in making this transaction a very smooth experience,” he added.
