October 8, 2019
West Palm Beach, FL-based Sterling Organization acquired Langston Landing, a grocery-anchored shopping center in Kent, WA, for $17.457 million. The property was purchased in an off-market deal from private investors on behalf of the Sterling’s latest institutional grocery-anchored shopping center stabilized fund, Sterling United Properties II, LP (SUP II). Langston Landing marks the fund’s first investment.
The 83,391-square-foot shopping center is anchored by a highly-productive Safeway grocery store and situated immediately off Highway 167, roughly 15 miles southeast of Seattle’s CBD. The property is currently 98.7% leased, and is complemented by other national and regional businesses including Dollar Tree, Taco Bell, Cricket Wireless and Jackson Hewitt.
Sterling Organization’s Ed Senenman says, “Langston Landing represents an attractive investment opportunity for SUP II, given its strong real estate fundamentals and location at a highly-trafficked intersection right off a major highway.”
For comments, questions or concerns, please contact Dennis Kaiser