Sterling Organization acquires second Seattle MSA property, ‘Langston Landing,’ in Kent, WA for $17.457 million.

Kent, WA, Oct. 04, 2019 (GLOBE NEWSWIRE) — Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Langston Landing, a grocery-anchored shopping center located in Kent, WA, approximately 15 miles southeast of Seattle’s central business district. The property was purchased in an off-market transaction from private investors on behalf of Sterling Organization’s latest institutional grocery-anchored shopping center stabilized fund, Sterling United Properties II, LP (“SUP II”), for $17.457 million or $209.34 per square foot. Langston Landing marks SUP II’s first investment.Langston Landing is an 83,391-square-foot shopping center anchored by a highly productive Safeway grocery store. Situated immediately off Highway 167, the property is well positioned in a densely populated submarket with over 96,000 people living within a 3-mile radius of the property earning average annual household income of over $80,000. The property is currently 98.7% leased and is complemented by other national and regional businesses including Dollar Tree, Taco Bell, Cricket Wireless and Jackson Hewitt.“Langston Landing represents an attractive investment opportunity for SUP II given its strong real estate fundamentals and location at a highly trafficked intersection right off a major highway,” said Ed Senenman, Senior Managing Director of Investments and Portfolio Management for Sterling Organization. “Safeway is a leading grocer in the Seattle MSA and the Langston Landing store’s sales volume – on a gross and per-square-foot basis – and health ratio are both strong.”“We are very pleased to kick-off the SUP II Fund with an asset of Langston Landing’s quality,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “Langston Landing exemplifies the defensive investment characteristics we are targeting for our SUP II Fund. We expect the asset to generate the solid in-place and consistent cash flow we are seeking on behalf of our SUP II investors. We feel very comfortable with the anticipated returns this asset should produce on a risk adjusted basis, which we expect to be in line with our investment partners’ expectations.”This property is Sterling’s second investment in the Seattle MSA in as many years, and the first acquisition in the SUP II Fund. With the addition of Langston Landing, Sterling, along with its principals and investment partners now own 55 properties from coast to coast, comprising more than 10 million square feet of primarily retail real estate approaching $2 billion in value.###About Sterling Organization: Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing risk-adjusted returns to its partners, in both relative and absolute terms. The company’s national platform is focused on investing in retail real estate assets across the risk spectrum in major markets within the United States on behalf of Sterling’s principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in West Palm Beach, FL.Attachmentslangston-landing-dollar-treelangston-landing-safeway-groceryDana Verhelst
Sterling Organization
5618127476
[email protected]

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