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Sterling Organization Closes “Last Hour” Fund with $225M in Commitments
West Palm Beach, FL-based Sterling Organization has closed its first Sterling Logistics Properties Fund with capital commitments of $225 million.
Sterling Consumer Logistics Properties I, LP’s funds were raised from a diverse institutional investor base including endowments and public pension funds.
SCLP I seeks to opportunistically acquire primarily vacant, freestanding retail buildings with the intent to convert them into neighborhood fulfillment centers. The properties are intended to be leased to third-party logistics providers, e-commerce retailers, traditional retailers, and direct-to-consumer manufacturers for the purpose of distribution of consumer goods to solve the “last mile,” or more accurately the “last hour,” delivery dilemma related to both cost and time.
“Sterling Logistics Properties was born out of the unprecedented and dynamic acceleration of the online delivery demand for all consumer products, brought on by Covid-19 lockdown,” said Brian Kosoy, managing principal and CEO of Sterling Organization.
Photo: Sterling Logistics Properties-owned asset in Downers Grove IL
- ◦Financing
