Berliner Abendpost - Sterling Organization Sells Windsor Square, in Charlotte, North Carolina MSA for $70.1 Million

Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in retail real estate assets, has announced the sale of Windsor Square located at 1814 Windsor Square Drive in Matthews, North Carolina (Charlotte MSA). The property was originally acquired by Sterling for $38.4 million.

Windsor Square is a regional shopping center located approximately 9 miles southeast of downtown Charlotte, 0.25 miles north of State Highway 51 and 1.5 miles north of Interstate 485. At sale, the property was 97% leased, comprised of seven retail buildings and is anchored by national tenants including Sam's Club, Kohl's, Ross Dress for Less, PetSmart, Office Depot, Bealls and At Home. Over 58,000 people live within 3-miles of the property, where the average household income is approximately $114,000.

"We'd like to extend our gratitude to Rad von Werssowetz's team at Berkeley Capital for their assistance with this transaction. We wish the purchaser, Hackney Real Estate Partners, as much success as we have had with this outstanding asset. It was a pleasure working with such a fantastic group, and we truly appreciate their professionalism throughout the process," added Jordan Fried, Principal of Sterling Organization.

Sterling Organization, and its affiliates, own and manage 73 properties across the U.S. with more than 13 million square feet of primarily retail real estate across the U.S. worth over $3 billion in value.

Source: Sterling Organization

M.Wilke--BlnAP