Sterling Organization has acquired Merchants Walk, a large-format, grocery-anchored shopping center in Marietta, Georgia, in a transaction valued at $93.2 million. The 271,992-square-foot property is anchored by a Whole Foods Market and was purchased from EDENS, an owner, developer, and operator of open-air retail and mixed-use properties. The acquisition adds another scaled retail asset to Sterling Organization’s portfolio and reflects ongoing investor focus on grocery-anchored centers.
The investment was executed on behalf of Sterling’s institutional value-add equity vehicle, Sterling Value Add Partners IV (SVAP IV), a $600 million fund targeting opportunities across the United States. Merchants Walk marks the 10th investment for SVAP IV, underscoring the fund’s deployment momentum. It is also the fund’s second acquisition in the Atlanta metro area, following its September 2024 purchase of Presidential Commons, a 264,271-square-foot, Kroger-anchored shopping center, for $42.5 million.
Merchants Walk is reported to be 90% leased at the time of the transaction. The center is anchored by a high-performing Whole Foods Market that has operated at the property since 2011, providing a long-standing grocery draw for the center. In addition to Whole Foods Market, Merchants Walk features a lineup of co-anchors that includes Marshalls, PetSmart, Old Navy, DSW, Ulta Beauty, Office Depot, and Georgia Theater Company Stadium Cinemas, while also being shadow-anchored by a Kohl’s store.
The property includes 26,000 square feet of vacant space, offering potential upside through lease-up within an established retail environment. The combination of a strong grocery anchor, a diverse roster of national retailers, and existing vacancy positions the asset within the value-add profile targeted by SVAP IV. The prior EDENS ownership, investment, and operation within open-air and mixed-use retail formats also highlight the continued institutional interest in well-located, grocery-anchored centers.
By adding Merchants Walk to its portfolio, Sterling Organization expands its footprint in the Atlanta region and deepens its exposure to grocery-anchored retail at scale. The transaction also builds on the fund’s existing presence in the metro area through Presidential Commons, another large-format, supermarket-anchored property. While specific financing or capital structure details were not disclosed, the deal demonstrates continued institutional capital deployment into grocery-anchored retail properties with established occupancy and tenant rosters.
