Palm Beach-based Sterling Organization, a privately owned retail investment and services company, has paid more than $15 million for ownership of the Pompano Citi Centre.
The purchase from Faison, a privately held real estate investment firm based in North Carolina, is the first through the company’s institutional fund Sterling Value Add Partners, LP.
Located at the intersection of Federal Highway and Copans Road, Pompano Citi Centre has a significant footprint. It totals 908,000 square feet and covers 60 acres.
Sterling’s acquisition includes the leased space of several tenants, including anchor stores JCPenney, Ross Dress for Less, Big Lots, and Office Depot. The property is shadow anchored by Lowe’s, Macy’s and Sears, which own their respective parcels.
Adam Feinstein and Mark Gilbert of Cushman and Wakefield represented Faison in the transaction.
Faison paid $8 million on Dec. 31, 2002 for the 362,165 square feet of common space and shop-lined corridors that linked all the pieces together. In 2006, the redevelopment into an open-air shopping center was complete, with a row of big-box retailers facing Copans Road and several multi-level buildings surrounding a central courtyard fronting Federal Highway.
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