Sterling Global Financial, an award-winning global real estate based financial services provider with $9 billion under administration and offices in The Bahamas and the Cayman Islands, announced the recent sale of the nearly 190,000 square foot Rolling Acres Shopping Center in The Villages, Kissimmee, near Orlando, Florida.
Sterling Global Financial, a global real estate based financial services provider with $9 billion under administration and offices in Nassau, Bahamas and the Cayman Islands, announced today it has sold a popular shopping center near Orlando, Florida, an investment it made just over three years ago.
“The sale of Rolling Acres Shopping Center in Florida is a significant success story and demonstrates the opportunities uniquely flowing from investment in real estate,” said Stephen Tiller, President. “We bought it at the right time for the right price and when we sold it, it was fully leased with significant value enhancement from the sale benefitting our investors.”
The 189,390 square foot shopping center located on US 441/27 is home to household names in retail and dining -- TJ Maxx, Ross Dress for Less, Bealls Outlet, Michael’s, PetCo, Carrabbas, Outback and Chick-fil-A.
The ‘shadow’ anchors include Target Walgreens and CVS. CBRE’s National Retail Investment Group team in Florida, led by Executive Vice Presidents Dennis Carson and Casey Rosen, provided exclusive representation to the seller, an affiliate of Sterling Global Financial.
The shopping center is situated in The Villages, an active community where many Bahamians have settled in retirement and others have second homes shared with extended family for Disney World and Orlando vacations.
“The sale of Rolling Acres is significant because it is an example of what Sterling Global Financial stands for: an ultimate and absolute respect for the value of land,” said Sterling Chairman and CEO David Kosoy. “Sometimes it takes patience, but property does not vanish and eventually will reap benefits that may be more elusive in other types of investments. Sterling Global is pleased to have been able to earn solid returns for our investors.”
Earlier this month, Sterling Global Financial reported that it provided an $11 million bridge loan for a land assembly for Washington Village, a major multi-use development that will help to reshape an iconic section of South Boston.
Sterling Global Financial is an international provider of private banking, trust, wealth and asset management and fiduciary services for corporations, institutions and high net worth individuals. It manages funds uniquely dedicated to real estate and property development financing opportunities in multiple jurisdictions. With 1,500 clients, Sterling Global Financial maintains offices in The Bahamas and the Cayman Islands.
In 2015, its award-winning Sterling Mortgage Income Fund (formerly New Providence Income Fund) earned 13.8% return on investment. In 2016, it was the recipient of Barclays AI Best Fund Since Inception award for the second consecutive year and has consistently been ranked #1 on the Sharpe Index for security.
By Alex Dorsett
Source: Diane Phillips & Associates
