Sterling Organization Sells Neighborhood Fulfillment Center in Chicago, IL, MSA for $24.5 Million
This transaction represents a significant milestone as the first disposition for the 2021 vintage $225 million equity fund.
WEST PALM BEACH, Fla., January 25, 2024 (Newswire.com) - Sterling Organization, a leading private equity real estate investment firm with a national platform focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has sold 3300 Finley Road in Downers Grove, IL (Chicago MSA).
The 152,080-square-foot vacant property, formerly occupied by a Fry’s Electronics Store, sits on 16.15 acres of land. The property was acquired by Sterling in July 2021 for $11.27 million through its consumer logistics fund, Sterling Consumer Logistics Properties I, LP (“SCLP I”), which seeks to opportunistically acquire primarily vacant, freestanding, retail buildings with the intent to convert them into Neighborhood Fulfillment Centers in an effort to solve the LAST HOUR® delivery dilemma in the retail ecosystem. After attracting interest from multiple Fortune 50 occupiers, the property was ultimately sold to an undisclosed buyer, for a sum of $24.5 million. This transaction represents a significant milestone as the first disposition for the 2021 vintage $225 million equity fund.
“We are thrilled to celebrate the first disposition within our Sterling Consumer Logistics Properties Fund. This property holds special significance for our team, as it was Fund's first acquisition and now its first disposition. We are pleased to be able to execute on this transaction and deliver the type of returns we believed we could for our investor partners whose support for this platform is greatly appreciated,” said Joe Dykstra, President of Sterling Logistics Properties. “The successful sale of this asset aligns with our strategic vision and affirms our confidence in The Fund and the continued growth of our Logistics platform. A huge congratulation is specifically in order for our entire dedicated Sterling Logistics Properties team and everyone involved in bringing this deal across the finish line,” he added.
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Sterling Organization has $2.0B of assets under management across the U.S., inclusive of more than 12 million square feet of primarily retail real estate. Sterling Organization, with offices across the nation, is headquartered in West Palm Beach, FL. The Sterling Consumer Logistics Properties I Fund currently owns five other assets across the U.S. and is actively looking to expand its portfolio.
Source: Sterling Organization
