Sterling Adds Marshalls/HomeGoods, Ross, DSW, Five Below to Redevelopment Project in Metro Orlando

WINTER PARK, FLA. — Sterling Organization has signed four retailers to occupy space vacated by Kmart at Center of Winter Park, a 245,000-square-foot power retail center located at the southwest corner of Orlando Avenue and Lee Road in Winter Park, a suburb of Orlando. The retailers, including Marshalls/HomeGoods, Ross Dress for Less, DSW Designer Shoe Warehouse and Five Below, will occupy approximately 95,000 square feet at the redevelopment project. Kmart closed its 91,600-square-foot store in 2014, shortly after Sterling purchased the center through its Sterling Value Add Partners LP fund. Five Below will open a 9,000-square-foot location in a newly constructed store that previously housed the Kmart Garden Center. The other three retailers will be situated within the former Kmart store. In addition to re-tenanting the center, Sterling is underway on an overhaul of the center that includes new lighting, repaved parking lot, updated landscaping, new signage and a new façade. Existing businesses at the center, such as LA Fitness and Michaels, will remain open during construction, which is expected to wrap up in the fourth quarter of this year. Office Depot is also downsizing its store from 33,000 to 19,200 square feet.