February 11, 2020
Sterling Value Add Partners III LP, a fund managed by Sterling Organization, bought Town Center Colleyville, a 244,917-square-foot grocery-anchored retail center in the suburban Fort Worth city of Colleyville, TX. The West Palm Beach FL-based Sterling bought the center, located at 5605 Colleyville Blvd., from Velocis of Dallas.
The property is 85% leased and anchored by a Market Street grocer and studio movie grill. Other tenants include Gloria’s Latin Cuisine, First American Title, FedEx Office and Costa Vida.
“We have long been very familiar with Town Center Colleyville, having managed components of it for a foreign institutional owner approximately a decade ago,” said Brian Kosoy with Sterling Organization. “The property is strategically positioned within the Colleyville submarket and with our team’s operational capabilities we believe that, after undertaking some value-add initiatives, the property’s financial performance can be materially improved which should enable us to achieve our target returns.”
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