Finance minister Nirmala Sitharaman announced setting up a Rs 25,00 crore fund to complete stuck housing projects, The Supreme court directs completion of Jaypee insolvency process within 90 days. In this episode of property news, our experts discuss top real estate news from different cities.
Peachtree Parkway Plaza is anchored by a 35,928-square-foot Goodwill with additional national tenants at the plaza including, Dollar General, Sign-A-Rama, Pizza Hut and CosmoProf.
Peachtree Parkway Plaza
Peachtree Parkway Plaza aerial photo of the property
WEST PALM BEACH, Fla., January 26, 2023 (Newswire.com)
Sterling Organization, a vertically integrated private equity real estate investment firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the sale of Peachtree Parkway Plaza in Norcross, GA, for $19.5 million. The 94,117-square-foot shopping center was originally acquired in October 2015 for $12.25 million.
The property is located in an affluent suburb of Atlanta with more than 69,000 people within a three-mile radius that have a household income of approximately $124,000. Peachtree Parkway Plaza is anchored by a 35,928-square-foot Goodwill with additional national tenants at the plaza including, Dollar General, Sign-A-Rama, Pizza Hut and CosmoProf.
During ownership, Sterling made several upgrades to the property, which aided leasing efforts to grow occupancy from 83% at acquisition to 95% at disposition. In 2017, Sterling also sold a Taco Bell outparcel for $1.2 million, which was included in the original property acquisition.
“During our ownership, our team was able to execute on our business plan at Peachtree Parkway Plaza by increasing the quality of the tenancy, materially growing rents, and executing on a profitable outparcel spinoff,” said Brian Kosoy, Managing Principal, President and Chief Executive Officer of Sterling Organization. “We are pleased to have a successful realization, especially considering the current capital market environment.”
Sterling Organization, and its affiliates, control more than 12 million square feet of primarily retail real estate across the U.S. worth over $2 billion in value.
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About Sterling Organization
Sterling Organization is a vertically integrated, private equity real estate firm whose national platform is currently investing in three separate and distinct strategies: (1) Value-Add retail real estate, (2) Core, Grocery-anchored shopping centers and (3) LAST HOUR® consumer fulfillment and distribution real estate.
The various investment strategies provide a broad range of touchpoints with diverse counterparties (tenants, lenders, vendors, distributors, economic conditions etc.) across the real estate ecosystem. As a result of these varying touchpoints, the results of individual investments vary based upon the characteristic of an investment and the overall market conditions at the time of purchase and realization of the investment.
The National Real Estate Investment Firm Promotes Rob Lester to Head of Investment Management, Supporting the Firm’s Robust Growth Path
ATLANTA, January 26, 2023 (Newswire.com)
Coming off another year of significant growth in 2022, CARROLL, a national real estate investment firm, is continuing its reinvestment in the firm by announcing the promotion of Rob Lester, a member of the Firm’s Executive Leadership Team, to the role of Head of Investment Management. Rob joined CARROLL in 2022 to lead its capital markets function and brought more than 25 years of real estate, capital markets, and investment experience to the Firm.
In this role, Rob will lead CARROLL’s investment, asset management, development, capital markets, and investor relations teams, while contributing to the development and execution of the Firm’s growth strategy across all investment strategies. More specifically, Rob will be directly responsible for expanding the Firm’s U.S. residential real estate footprint, asset management, and worldwide growth of its capital markets function. Rob will also oversee the management of the Firm’s recently launched recovery fund, Carroll Credit, targeted as a friendly source of capital to multifamily owners across the Sun Belt region.
CARROLL’s President and COO David Perez said, “We are incredibly pleased to have someone on our executive leadership team of Rob’s caliber and experience in the business. He will play an important role in leading our investment teams to ensure we continue our robust growth, especially as we manage through potentially challenging times.”
“This appointment reflects the next generation of leadership at the Firm,” said CARROLL founder Patrick Carroll. “Rob and our President/COO David Perez have both played critical roles in our success and this new alignment bolsters the already impressive credentials of the leadership team guiding the organization. Both are proven leaders and managers and I look forward to seeing them continue to accelerate the growth of the CARROLL platform.”
A capital markets and investment veteran, Rob Lester brings more than two decades of investment, banking and capital raising experience that includes developing, structuring, and financing innovative transactions and financial vehicles around the globe. Prior to joining CARROLL, Rob held executive and leadership positions within highly respected real estate and financial institutions, including Blackstone/Park Hill Real Estate, Macquarie Capital and Brookfield – after beginning his career in corporate investment banking with BNP Paribas and Deutsche Bank.
CARROLL, a privately held real estate investment firm, was founded in 2004 by Patrick Carroll. With headquarters in Atlanta, Ga., and regional offices in Dallas-Fort Worth, Raleigh, Denver, Miami, New York, and Los Angeles, CARROLL focuses on multifamily communities, including acquisitions, property and asset management services, ground-up development, and fund management. The Firm has raised more than $4.4 billion of equity through CARROLL-sponsored funds and joint ventures. CARROLL has successfully purchased, developed, or sold more than $20.9 billion in real estate.
The Firm manages approximately 30,000 multifamily units across eight states representing $7.1 billion in assets under management and has purchased other multifamily owner/operators throughout the U.S. CARROLL has also developed student housing, single-family residential, and retail communities, and has managed more than $500 million in construction projects throughout the past 10 years. From due diligence to execution, CARROLL has the internal capabilities and the external relationships to identify, underwrite, and close transactions. For more information, visit carrollorg.com.
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CARROLL Announces Promotion Within Executive Leadership Team