From a press release:
“Sterling Organization, a vertically integrated private equity real estate investment firm has announced the sale of Market at Opitz Crossing, a 157,724-square-foot grocery-anchored shopping center in the Washington, D.C. MSA, to Klein Enterprises for $29.25 million. Market at Opitz Crossing was originally acquired on November 18, 2013, via Sterling’s institutional fund Sterling Value Add Partners, LP (“SVAP”) for $17.75 million. Geoffrey Millerd and Mat Adler of Newmark Grubb Knight Frank represented the Sterling-managed fund in the recent disposition of the asset.
Located at the intersection of Jefferson Davis Highway (US-1) and Opitz Boulevard just 1 mile east of Interstate 95 in Woodbridge, VA, Market at Opitz Crossing is anchored by Wakefern’s grocery concept PriceRite. During Sterling’s ownership, a new Chipotle Mexican Grill outparcel building was added and the occupancy of the shopping center increased from approximately 77% to 96%.
Market at Opitz Crossing was originally developed in 1991. Over 96,000 people live within a 3-mile radius where the average household income is more than $105,000. The property was the sixth asset purchased via Sterling’s value-add retail real estate investment fund, SVAP. That fund’s capital has been fully allocated and, after the disposition of Market at Opitz Crossing, currentl owns 8 assets in 6 separate markets totaling more than 2.5 million square feet of gross leasable area. Sterling Organization is actively investing on behalf of two newer vintage funds: SVAP II, which focuses on value-add real estate assets where the primary value is retail; and Sterling United Properties I, which focuses on core/stabilized grocery-anchored shopping centers. In total, Sterling Organization owns more than 9 million square feet of retail real estate approaching $2 billion in value.”
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