Sterling Organization Sells 635,000-SF Park North Shopping Center for $115M
The Sterling Organization has sold the Park North Shopping Center, a 635,325-square-foot regional retail hub located in San Antonio, Texas. Dhanani Private Equity acquired the property in a $115 million transaction.
Located at 842 NW Loop 410, Park North is notable for being anchored by Target on a ground lease — a rare structure in the retail sector. The shopping center also includes a wide range of entertainment, retail, and dining tenants such as Pinstack, Alamo Drafthouse Cinema, Norris Conference Centers, and Outlaw Pickleball.
The property is currently 93.3% leased and spans 45.75 acres. It presents significant value-enhancement opportunities, including 42,381 square feet available for immediate lease-up, rental increase potential with 28% of current rents below market, and development possibilities for pad sites across ten separately platted parcels.
Sterling was represented in the transaction by JLL Capital Markets’ Investment Sales and Advisory team, led by Chris Gerard, Barry Brown, Erin Lazarus, and Whitney Snell.
