The Sterling Organization offloaded the Park North Shopping Center, a 635,325-square-foot regional retail destination in San Antonio. The buyer, Dhanani Private Equity paid $115 million for the asset.  In September of 2016, on behalf of their institutional value-add fund, Sterling Value Add Partners II (SVAP II), for $81 million. JLL Capital Market’s Investment Sales and Advisory team represented Sterling.

Park North Shopping Center is at 842 NW Loop 410. The property is uniquely anchored by Target on a ground lease, an arrangement rarely seen in the retail landscape. It features a diverse mix of entertainment, shopping and dining options, including Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers and Outlaw Pickleball.

The 93.3% leased shopping center sits on 45.75 acres.

The property features significant value enhancement opportunities including 42,381 square feet of immediate lease-up space, mark-to-market rental opportunities with 28% of current rents below market and potential for pad site development across ten separately platted parcels.