Sterling Organization Acquires Park North Shopping Center in San Antonio for $81M
SAN ANTONIO — Sterling Organization, a private equity real estate investment firm headquartered in Palm Beach, Fla., has acquired Park North, a 635,382-square-foot retail power center in San Antonio. The asset was purchased on behalf of the firm’s institutional value-add fund Sterling Value Add Partners II LP for $81 million. Chris Cozby and Chris Gerard of the CBRE National Retail Investments Group’s Dallas office brokered the transaction. Park North consists of 17 retail buildings on 45.8 acres. The property is located along San Antonio’s Interstate Loop 410 between Blanco Road and San Pedro Avenue. Park North is 73 percent occupied and is anchored by Target, Alamo Drafthouse Cinema and Cost Plus World Market.