Key Takeaways
- • Sterling Organization, a West Palm Beach-based private equity real estate firm, acquired Merchants Walk Shopping Center in Marietta, Georgia for $93.2 million on behalf of its $600 million Sterling Value Add Partners IV (SVAP IV) institutional fund.
- • The 271,992-square-foot retail center, anchored by Whole Foods and Kohl's, generates approximately 3 million customer visits annually and houses national tenants including Marshall's, PetSmart, Office Depot, Old Navy, and Georgia Theater Company Stadium Cinema alongside local dining and retail operators.
- • EDENS, a South Carolina-based commercial real estate developer, sold the property after a 15-year ownership period that included a comprehensive redevelopment in the early 2010s, including the 2011 opening of Whole Foods and relocation of a Cobb County Public Library branch.
- • Sterling's acquisition reflects the firm's value-add real estate strategy targeting well-located properties with affluent customer bases and established national tenant rosters, though the buyer has not disclosed specific operational or capital plans for the asset.
Summary
Sterling Organization, a private equity real estate investment firm headquartered in West Palm Beach, Florida, has completed the acquisition of Merchants Walk Shopping Center in Marietta for $93.2 million. The transaction was executed on behalf of Sterling's $600 million institutional value-add fund, Sterling Value Add Partners IV (SVAP IV), marking a significant retail real estate transaction in the Atlanta metro area.
The property represents a disposition for EDENS, a South Carolina-based owner and developer of open-air retail and mixed-use properties that had redeveloped the center approximately 15 years prior. EDENS undertook substantial capital improvements during the early 2010s, including the 2011 opening of Whole Foods as a primary anchor tenant and the relocation of a Cobb County Public Library branch to nearby Parkaire Landing. According to Sterling's statement, the transaction benefited from an established professional relationship between the two firms, with Sterling noting prior experience transacting with EDENS "as both a buyer and a seller on many occasions."
Merchants Walk, located at 1289 Johnson Ferry Road, functions as a 271,992-square-foot open-air retail center anchored by Whole Foods and Kohl's. The center maintains a diversified tenant base including national retailers such as Marshall's, PetSmart, Office Depot, and Old Navy, alongside entertainment assets (Georgia Theater Company Stadium Cinema) and complementary dining venues including Seed Kitchen and Bar, Stem Wine Bar, and Marlow's Tavern. The property attracts more than 3 million annual customer visits and serves an affluent demographic customer base.
Jordan Fried, Principal at Sterling Organization, characterized the acquisition as aligned with the fund's investment thesis, emphasizing the property's location quality, customer demographic profile, and operational stability derived from its long-tenured national retail and dining operators. Sterling has not disclosed specific capital deployment plans, tenant strategies, or value creation initiatives for the asset at this time.
The property represents a disposition for EDENS, a South Carolina-based owner and developer of open-air retail and mixed-use properties that had redeveloped the center approximately 15 years prior. EDENS undertook substantial capital improvements during the early 2010s, including the 2011 opening of Whole Foods as a primary anchor tenant and the relocation of a Cobb County Public Library branch to nearby Parkaire Landing. According to Sterling's statement, the transaction benefited from an established professional relationship between the two firms, with Sterling noting prior experience transacting with EDENS "as both a buyer and a seller on many occasions."
Merchants Walk, located at 1289 Johnson Ferry Road, functions as a 271,992-square-foot open-air retail center anchored by Whole Foods and Kohl's. The center maintains a diversified tenant base including national retailers such as Marshall's, PetSmart, Office Depot, and Old Navy, alongside entertainment assets (Georgia Theater Company Stadium Cinema) and complementary dining venues including Seed Kitchen and Bar, Stem Wine Bar, and Marlow's Tavern. The property attracts more than 3 million annual customer visits and serves an affluent demographic customer base.
Jordan Fried, Principal at Sterling Organization, characterized the acquisition as aligned with the fund's investment thesis, emphasizing the property's location quality, customer demographic profile, and operational stability derived from its long-tenured national retail and dining operators. Sterling has not disclosed specific capital deployment plans, tenant strategies, or value creation initiatives for the asset at this time.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.