Sterling Organization, a private equity real estate investment firm that specializes in retail and LAST HOUR® consumer fulfillment assets, has recently sold Caton Crossing for $15.4 million. Sterling Organization had acquired the property in March 2020 for $12.0 million. The 83,792-square-foot shopping center, which is fully leased, is located in Plainfield, IL, along Route 59 and is anchored by Tony’s Fresh Market grocery store, which occupies 56,192 square feet. The shopping center also houses a mix of both national and local tenants. Caton Crossing benefits from its location as more than 75,000 people live within a 3-mile radius, where the average household income exceeds $110,000 per year.
“The successful sale of Caton Crossing underscores investors’ strong interest in owning quality grocery-anchored shopping centers. Despite the property being fully occupied at acquisition, our team did a fantastic job growing income, ultimately resulting in returns for our investor partners in excess of our fund target,” said Jordan Fried, Principal of Sterling Organization. “We’d like to thank Evan Halkias and the Cushman & Wakefield team for their assistance with this transaction, and wish Essential Growth Properties the best of luck with their latest investment,” he added.
Sterling Organization and its affiliates manage 73 retail properties across the US with over 12 million square feet.
