The Sterling Organization Closes New Industrial/Logistics-Focused Real Estate Fund
New York – Paul Hastings LLP, a leading global law firm, represented Sterling Consumer Logistics Properties I, L.P. (the "Fund”) and its sponsor, The Sterling Organization, LLC (“Sterling”), in the formation of a new private investment fund focused on “last hour” consumer fulfillment and distribution real estate assets in infill locations in certain markets across the United States.
The Fund seeks to opportunistically acquire primarily vacant, freestanding retail buildings with the intent to convert them into neighborhood fulfillment centers. The Fund has secured total capital commitments of $225 million from a diverse investor base which includes domestic endowments, private and public pension plans and funds-of-funds.
Paul Hastings also represented the Fund in obtaining a subscription line credit facility.
Sterling is a vertically integrated real estate investment firm headquartered in West Palm Beach, Florida. Paul Hastings has previously represented The Sterling Organization in the formation of various real estate investment vehicles, including Sterling Value Add Partners, L.P., Sterling Value Add Partners II, L.P., Sterling Value Add Partners III, L.P., Sterling United Properties I, L.P. and Sterling United Properties II, L.P.
Lawrence Hass led the firm’s efforts on the formation of the Fund together with Private Investment Funds partner Max Rosenberg and associates Shilpa Soundararajan and Christine Geils, aided by Tax partner David Makso and Tax associate Rob Wilson. Finance partner Eric Schwitzer led the Firm’s work on the Fund’s subscription line credit facility.
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