Palm Beach, FL-based Sterling Organization has purchased the Kmart at Herndon Centre in Herndon, VA for $7 million. The newly acquired asset consists of 7.6 acres of land with a 84,180 sqf building that is the shadow anchor to a larger, grocery-anchored shopping center called Herndon Centre, which was not part of the transaction. The shopping center is located in Fairfax County approximately 25 miles west of Washington, D.C., along Elden Street. The purchase marks the fifth retail property for Sterling in the greater D.C. market.
“We are pleased to add another D.C. MSA asset to our portfolio,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “The real estate fundamentals of — and the demographics surrounding — this property are nothing short of exceptional. The Herndon Kmart asset represents another example of our team’s ability to opportunistically source properties on an off-market basis. We feel confident that this investment should produce the returns we target on behalf of our SVAP II investors.”
