Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of North Mayfair Commons. The 87,274-square-foot grocery-anchored shopping center, located in the North Mayfair neighborhood of Chicago, Ill., is approximately eight miles northwest of Chicago’s central business district and is surrounded by some of the city’s most desirable neighborhoods. The property was purchased on behalf of Sterling Organization’s institutional grocery-anchored shopping center core fund, Sterling United Properties II, LP (“SUP II”), for $18.25 million. The property is anchored by a 65,224-square-foot Jewel Osco grocery store that performs well and is accompanied by national tenants such as H&R Block and FedEx Kinko’s. The center is well-positioned in a densely populated submarket that has over 376,000 people living within a 3-mile radius and an average household income of over $107,000.
“North Mayfair Commons is anchored by a high-volume Jewel Osco, metro Chicago’s leading grocer, with a long and successful operating history in the center. The property’s real estate fundamentals are sound and the customer base it serves is demographically among the strongest in the greater Chicagoland market,” said Brian Kosoy, Managing Principal and CEO of Sterling Organization.
“The property’s defensive rent roll coupled with its strong income growth profile should result in an attractive investment for our partners and we believe the property is a solid addition to the Fund’s portfolio,” said Jordan Fried, Principal for Sterling Organization. “We would like to thank both CBRE and SunLife/BentallGreenOak for their partnership in smoothly executing this transaction,” he added.
North Mayfair Commons is the tenth property owned by Sterling Organization’s SUP II Fund, increasing the Fund’s portfolio to approximately 1.2 million square feet of GLA. From coast to coast, the West Palm Beach, FL-based firm and its principals own more than 11.5 million square feet of LAST HOUR® consumer fulfillment and distribution real estate assets exceeding $2.4 billion in value.
