West Palm Beach, FL, Jan. 07, 2021 (GLOBE NEWSWIRE) — Sterling Organization, a vertically integrated private equity real estate investment firm, has announced the acquisition of Mill Pond Village, a grocery-anchored property located in Sewell, NJ, an affluent suburb approximately 14 miles from downtown Philadelphia.
Mill Pond Village is a 94,550-square-foot, 95% occupied shopping center anchored by a highly productive ShopRite grocery store, including a ShopRite Liquors. ShopRite, the dominant grocer in Southern New Jersey, has called Mill Pond Village its home for over 13 years. The property is located in an affluent southeastern Philadelphia suburb that is home to a population base of over 60,000 people earning an average annual household income exceeding $120,000 within a 3-mile radius of the property.
With the addition of Mill Pond Village, the West Palm Beach, FL-based firm, along with its principals and investment partners, currently own 68 properties from coast to coast, comprising more than 12 million square feet of primarily retail real estate exceeding $2 billion in value.
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