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| Chris Drew |
The HFF team worked on behalf of the borrower, an affiliate of Sterling Organization, to place two separate loans for the acquisition of Village Ten Shopping Center and Shannon Square Shoppes.
Morgan Stanley
Bank, N.A. provided the 10-year, fixed-rate loans, which will be serviced
by HFF.
The portfolio, which is situated in two affluent Minneapolis
suburbs, comprises the 208,127-square-foot Village Ten Shopping Center anchored
by Cub Foods and Lifetime Fitness in Coon Rapids, Minnesota, and the
97,638-square-foot Shannon Square Shoppes anchored by Cub Foods in Arden Hills,
Minnesota. The portfolio was 99 percent occupied at purchase.
 |
| Jules Sherwood |
“This acquisition helped Sterling Organization further expand
their grocery-anchored investment holdings within the affluent and growing Twin
Cities MSA,” Scarmazzi said. “The accretive debt was a testament to the
strength of the location and historical performance of each of these assets.”
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.
 |
| Tim Joyce |
Sterling Organization is
headquartered in Palm Beach, Florida.
For more information, please contact:
KIMBERLY STEELE
HFF Digital Content/Public Relations Specialist
(713) 852-3420
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