Sterling Organization Completes Sale Of Grocery-Anchored Center In Chicago For $15.4 Million

The Sterling Organization, a leading private equity real estate investment firm with a focus on retail and consumer fulfillment assets, recently announced the successful sale of Caton Crossing. This shopping center, located in Plainfield, IL, was sold for $15.4 million, marking a significant transaction for the firm and its investment fund. Acquired in March of 2020 for $12.0 million, the sale of this 83,792-square-foot property highlights the firm's strategic investment approach and its ability to generate substantial returns for its partners.

Caton Crossing stands out as a fully leased shopping center, anchored by a 56,192 square-foot Tony’s Fresh Market grocery store. The center boasts a mix of national and local tenants, benefiting from its prime location along Route 59. This area is notable for its dense population of more than 75,000 people within a 3-mile radius and an average household income exceeding $110,000 per year, making it an attractive spot for retailers.

Jordan Fried, Principal of Sterling Organization, expressed satisfaction with the transaction, stating, "The successful sale of Caton Crossing underscores investors' strong interest in owning quality grocery-anchored shopping centers." He credited the team's efforts in growing income and achieving returns that surpassed the fund's target. Fried also extended gratitude towards Evan Halkias and the Cushman & Wakefield team for their role in facilitating the sale and wished Essential Growth Properties success with their new investment.

With this latest transaction, Sterling Organization continues to solidify its position in the market. The firm and its affiliates currently own and manage 73 properties across the United States, encompassing over 12 million square feet of primarily retail real estate. This sale not only demonstrates Sterling Organization's adeptness at identifying and capitalizing on investment opportunities but also reflects the ongoing demand for quality retail spaces that serve as consumer fulfillment centers.

The strategic acquisition and subsequent profitable disposition of Caton Crossing exemplify Sterling Organization's expertise in navigating the commercial real estate market. As the firm moves forward, its focus on investing in properties that cater to the evolving needs of consumers is likely to remain a key factor in its continued success.