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Sterling targets up to $425M for US shopping centers fund

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Sterling targets up to $425M for US shopping centers fund

Vertically integrated private equity real estate firm Sterling Organization is looking to raise between $300 million and $425 million for a fund focused on grocery-anchored shopping centers in the U.S., IPE Real Assets reported.

Sterling United Properties II has so far amassed $190 million and received a $30 million commitment from the Montana Board of Investments, the May 24 report added.

The fund will target net returns of 9% by investing in stabilized or core-plus shopping centers that are first or second for market share in their regions.