Sterling Organization, a vertically integrated private equity real estate investment firm headquartered in Palm Beach, FL, has announced the acquisition of Stones River Mall in Murfreesboro. The asset was purchased via the firm's institutional fund Sterling Value Add Partners II, LP.
Stones River Mall is a 594,688-square-foot enclosed regional mall with an outdoor lifestyle component located in Murfreesboro's primary retail node on Old Fort Parkway (State Road 96), just east of Interstate 40 and 3 miles west of Middle Tennessee State University, the largest university in the state. The acquired portion of the property sits on 45.3 acres with 497,691 square feet of retail space. The mall is anchored by Dillard's, Sears and J.C. Penney. Other tenants include Aeropostale, Books-A-Million, Electronic Express, Hancock Fabrics, Chuck E. Cheese's, PacSun, Bath & Body Works, Shoe Carnival, Versona, Bink's Outfitters, Hibbett Sports and Victoria's Secret. Popular restaurants T.G.I. Fridays, Olive Garden and Buffalo Wild Wings occupy space in the mall's outparcels.
"We are excited about the opportunity to expand the tenancy and corresponding sales volumes at Stones River Mall. We are committed to establishing Stones River Mall as the dominant retail asset in the growing and vibrant Murfreesboro submarket of Nashville," said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. "As a result of a recent major renovation, we intend to leverage the physical condition and high quality finishes of the asset thereby allowing us to focus our capital investments on high return on equity activities as we seek to grow what should be a solid in place existing cash flow base."
Stones River Mall was originally developed in 1992 and was most recently renovated in 2008. Almost 130,000 people live within a five-mile radius of the mall, where the average household income is more than $68,000.
About Sterling Organization
Sterling Organization is a vertically integrated private equity real estate firm that has an established track record of providing exceptional risk-adjusted returns to its partners, in both relative and absolute terms. The company is focused on investing in value-add retail real estate assets and stabilized/core grocery-anchored shopping centers in major markets across the United States on behalf of Sterling's principals in partnership with the highest quality institutional investors. Sterling Organization is headquartered in Palm Beach, Florida. For more information, please visit www.sterlingorganization.com.
Source:
Lauren Burford
Vice President, Marketing
Sterling Organization
