![]() As a result of their efforts, the deal materially outperformed our target returns.” “Credit goes to everyone on our team who worked on the asset. “During our five years of ownership, our team was able to execute a textbook repositioning of Center of Winter Park, increasing the quality of the tenancy and more than doubling the net operating income at the property,” said Brian Kosoy, Managing Principal, President and Chief Executive Officer of Sterling Organization. Occupancy at the shopping center was 97% at the time of the sale. New leases with Petco, Zoës Kitchen, Blaze Pizza, Tropical Smoothie Café, Great Clips, MetroPCS, Stretch Zone and others were also executed by the firm, and lease extensions were negotiated during Sterling’s ownership with existing anchors LA Fitness and Michaels. Sterling Organization also upgraded the entire property’s façades, lighting, parking lot, signage and landscaping. An adjacent Office Depot store was downsized to its smaller prototype and teen discount retailer Five Below opened in what was Kmart’s garden center. Sterling backfilled the Kmart box with a new anchor tenant lineup which includes a Marshalls/HomeGoods combination store, Ross Dress for Less, and DSW. Located at the southwest corner of Orlando Avenue and Lee Road just 4.5 miles from downtown Orlando, Center of Winter Park underwent a facelift and re-tenanting under Sterling’s watch after Kmart closed its store at the property in 2014. ![]() HFF marketed the deal on behalf of Sterling Organization. The 244,977-square-foot shopping center was originally acquired by the firm’s value-add institutional fund, Sterling Value Add Partners, LP (“SVAP”), in February 2013 for $27.65 million. Press Release Thursday, AugSterling Organization Sells 244,977 SF ‘Center of Winter Park’ in Orlando MSA for $72.75 MillionĪug– PALM BEACH, FL – Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the sale of Center of Winter Park in Winter Park (Orlando), FL, for $72.75 million.
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