Sterling Organization Finalizes Sale of Raleigh Shopping Center for $15.7 Million
The Falls Centre 4500 Falls of Neuse Road, Raleigh, NC 27609 (Photo Credit: Sterling Organization)
RALEIGH, N.C., October 17, 2023 (VSNewsNetwork.com) - Sterling Organization, a private equity real estate firm specializing in LAST HOUR® consumer fulfillment and distribution real estate assets, has confirmed the sale of The Falls Centre, a shopping center in Raleigh, North Carolina, to Fairway Investments of Alabama for $15.7 million.
Located six miles from downtown Raleigh, The Falls Centre occupies a 110,277-square-foot space. The shopping center is strategically situated at the busy intersection of Falls of Neuse Road and Old Wake Forest Road and is anchored by established retailers including Office Depot, Jo-Ann Fabric, and Anytime Fitness. Additionally, more than 240,000 residents with an average household income exceeding $112,000 live within a five-mile radius of the property.
“We are very pleased with the sale of The Falls Centre and the investment performance we were able to deliver to our partners,” stated Brian Kosoy, Managing Principal, President, and CEO of Sterling Organization. “We want to express our sincere gratitude to Rad von Wessorwetz from the Berkeley Capital Advisors team for their invaluable assistance in this transaction. We extend our best wishes to the new owners as they embark on a promising opportunity ahead,” Kosoy added.
Sterling Organization and its affiliated companies own and manage a portfolio of 72 properties across the United States, totaling over 12 million square feet of primarily retail real estate, valued at approximately $2.8 billion.
For additional information, visit www.sterlingorganization.com.
Source: Sterling Organization via Newswire
