Sterling Organization Acquires Merchants Walk Shopping Center in Marietta for $93.2 Million

Sterling Organization has acquired Merchants Walk, a 271,992-square-foot Whole Foods Market-anchored shopping center in Marietta, Georgia, from EDENS for $93.2 million, the West Palm Beach, Florida-based private equity real estate investment firm announced July 21, 2026.

The transaction works out to approximately $342 per square foot and was made on behalf of Sterling Value Add Partners IV (SVAP IV), the firm's $600 million equity institutional value-add fund. Merchants Walk represents the fund's 10th investment and its second in the Atlanta metro area, following the September 2024 acquisition of Presidential Commons, a 264,271-square-foot Kroger-anchored center, for $42.5 million.

Property Overview and Tenant Mix

Merchants Walk sits on approximately 30 acres at the intersection of Roswell Road and Johnson Ferry Road in Marietta's East Cobb submarket, a corridor that carries more than 82,100 vehicles per day. The center is currently 90% leased, with approximately 26,000 square feet of vacant space.

Whole Foods Market has anchored the property since 2011. Co-anchors include Marshalls, PetSmart, Old Navy, DSW, Ulta Beauty, Office Depot, and Georgia Theatre Company Stadium Cinemas. The center is shadow-anchored by Kohl's.

The property draws more than 3.1 million visitors annually and ranks second among 61 shopping centers within a five-mile radius by total visits, according to Placer.ai and CBRE Location Intelligence data. The three-mile trade area encompasses nearly 65,000 residents with an average household income of approximately $230,000.

Value-Add Strategy

"Merchants Walk is exactly the type of asset we are targeting on behalf of our SVAP IV fund. The property is well-located, attracts an affluent customer base, and maintains a deep roster of high-performing national tenants with long operating histories at the center," said Jordan Fried, Principal at Sterling Organization. "We have had the pleasure of transacting with EDENS as both a buyer and a seller on many occasions and appreciate their professionalism and collaborative approach, which results in smooth and efficient transactions. I also want to thank Kevin Hurley, Matt Karempelis and their team at CBRE's National Retail Partners for their assistance throughout."

Bob Dake, Principal at Sterling Organization, said the firm sees a clear path to value creation at the asset. "We are excited about the compelling opportunity Merchants Walk presents to add significant value through the lease-up of more than 26,000 square feet of the property's well-positioned vacant space in one of metro Atlanta's strongest retail corridors," Dake said. "Additional upside exists through the opportunity to bring below-market rents to market as those leases naturally expire. We also believe our team should be able to take advantage of some less than obvious, yet material, value-add activities at the asset during our ownership on behalf of our fund partners."

East Cobb Submarket Context

East Cobb is among the Atlanta metropolitan area's more sought-after retail submarkets, characterized by a dense, high-income trade area. The submarket's demographic profile — with average household incomes near $230,000 within three miles of the property — supports the tenant mix present at Merchants Walk, which combines a grocery anchor with discount, specialty, and entertainment uses.

Roswell Road and Johnson Ferry Road are two of North Atlanta's most heavily trafficked non-highway corridors, providing consistent consumer access to the property.

Fund Deployment and Seller Background

SVAP IV is Sterling Organization's fourth institutional value-add fund, with $600 million in equity commitments. The Merchants Walk acquisition is the fund's 10th investment. EDENS, the seller, is an owner, developer, and operator of open-air retail and mixed-use properties. CBRE's National Retail Partners, led by Kevin Hurley and Matt Karempelis, advised on the transaction.

Sterling Organization is a vertically integrated private equity real estate investment firm headquartered in West Palm Beach, Florida.