Business
Sterling Organization Closes Firm’s Sixth Fund, First in Logistics Real Estate Space, With $225 Million in Equity Commitments
WEST PALM BEACH, Fla. - August 8, 2022 - (Newswire.com)
Sterling Organization, a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the final closing of its first Sterling Logistics Properties Fund, Sterling Consumer Logistics Properties I, LP ("SCLP I"). The Fund received total capital commitments of $225 million, which were raised from a diverse institutional investor base including endowments and public pension funds.
SCLP I seeks to opportunistically acquire primarily vacant, freestanding retail buildings with the intent to convert them into Neighborhood Fulfillment Centers. The properties are intended to be leased to third-party logistics providers, e-commerce retailers, traditional retailers, and direct-to-consumer manufacturers for the purpose of distribution of consumer goods to solve the "last mile," or more accurately the LAST HOUR®, delivery dilemma related to both cost and time.
"We can't begin to express how humbled and extremely grateful we are to have the confidence and support of such well-respected institutional investors in our first Logistics Fund offering," said Adam Munder, Principal of Sterling Organization. "We are confident that our investment strategy, combined with the strong team we have assembled, should enable us to take advantage of current market conditions via this unique product offering," added Mr. Munder.
"We all witnessed as shipping and fulfillment became the major battleground for retailers looking to earn, service, and retain customers during the height of the pandemic. What became crystal clear was that all retailers need to focus not only on how quickly a customer can get to a physical store, but how quickly the desired product can get to the customer's home in an economical manner," said Joe Dykstra, President of Sterling Logistics Properties. "As customers demand same-day deliveries - and perhaps within an hour or on demand, all retailers, traditional and digitally native, will have no choice but to lever Neighborhood Fulfillment Centers to compete successfully. We at Sterling Logistics Properties are committed to remaining at the forefront of this evolution from a real estate perspective," added Mr. Dykstra.
"Sterling Logistics Properties was born out of the unprecedented and dynamic acceleration of the online delivery demand for all consumer products, brought on by Covid-19 lockdown. Bringing a real estate solution to life that tackles cost and timing issues facing all retailers as they enact their LAST HOUR® delivery strategy while earning the trust of many institutional LPs that enables us to execute on our strategy is incredibly gratifying. We are committed to executing on the highest level for those partners that have believed in us and our vision for the future of the retail omnichannel experience," said Brian Kosoy, Managing Principal and CEO of Sterling Organization.
Sterling Organization owns 74 properties throughout the U.S., exceeding 12.5 million square feet of gross leasable area and over $2.7 billion in value. The SCLP I Fund currently owns six properties totaling approximately 451,000 square feet of gross leasable area in markets like New York, Los Angeles, Seattle, San Francisco, Chicago, and Phoenix.
Media Contact:
Dana Verhelst
[email protected]
www.sterlingorganization.com
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Original Source: Sterling Organization Closes Firm's Sixth Fund, First in Logistics Real Estate Space, With $225 Million in Equity Commitments
ReturnQueen Sponsors eTail
BOSTON - August 8, 2022 - (Newswire.com)
ReturnQueen, the nation's white glove on-demand online returns concierge, is proud to sponsor the 2022 eTail conference, which will take place in Boston on Aug. 8-10. There, ReturnQueen will join retail's top industry disruptors and innovators in shaping the future of ecomm.
A key partner for essentially any online retailer selling tangible goods, ReturnQueen was a natural fit for one of this year's coveted eTail sponsorships. The brand, which is the first-to-market of its kind, was created as an answer to the 87% of shoppers who will not shop an etailer again following a poor return experience (Parcel Industry, 2021).
"ReturnQueen makes returns seamless and easy for consumers, while building valuable customer retention for retailers. Our service and analytics are a true industry game changer," says Daphna Englard, Vice President of Design at ReturnQueen.
Available via mobile app or ecomm platform plug-in, ReturnQueen eliminates all of consumers' traditional online return process pain points—including boxing and packing items, printing labels and shipping the merchandise back to the retailer. Instead, users can enjoy dropping their items for return by their front door, and the ReturnQueen's "purple nation" of drivers will haul, pack, label and return all unwanted items back to the retailer. Behind ReturnQueen's incredibly user-friendly interface are powerful backend analytics designed to help businesses optimize product design and merchandise mix.
ReturnQueen currently encompasses over 8,000 US zip codes with ongoing plans for major expansion as new return hubs launch across the country. It will also continue to rapidly evolve its service offerings to ensure users are truly able to return anything, from anywhere, wholly embodying the slogan, "Returns Made Easy."
See you at eTail #purplenation!
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Original Source: ReturnQueen Sponsors eTail
Snapchat Green-Lights The Church of Joe Stone Partnership/Show
The Church of Joe Stone @iamjoestone
Joe Stone, Host of The Church of Joe Stone Podcast, Launches New Snapchat Partnership\/Show
Joe Stone, also known as @iamjoestone, has amassed a following of over 1.2 million followers spread across Instagram, Facebook, YouTube, and TikTok. It should come as no surprise that Joe Stone was recruited by social media mogul Keith Dorsey of YOUNGGUNS ENT to take his talents to Snapchat considering he has hundreds of millions of views, a diverse multi-platform fanbase, insanely high production quality, and an on-camera presence that very few personalities can compete with. The Church of Joe Stone Snapchat show will feature the best parts of The Church of Joe Stone Podcast up-cycled and reimagined to captivate Snapchat viewers. This new show will sit alongside other Snapchat publishers/partners such as MrBeast, Wildin' Out, Vice, TMZ, The Shade Room, The Phillip Defranco Show, and Mr. Ballen.
The Church of Joe Stone is infotainment for "The Culture." The Snapchat show will include stories from a wide variety of genres, including hip hop, politics, true-crime, pop culture, as well as everything trending and viral. Bryan Spector, The Church of Joe Stone's executive project manager and lead editor, developed a distinct design language for the show that is futuristic and eye-catching. With broadcast-level production quality and Joe Stone's witty rapid-fire style of rap like journalism, The Church is poised to continue to make waves.
iAmJoeStone, or Joe Stone, is a hilariously funny social media commentator, journalist, influencer, podcaster, comedian, and accomplished artist.
Check Out The Church of Joe Stone's Snapchat Show Here.
www.iamjoestone.com
Instagram | Facebook | TikTok: @iAmJoeStone
Subscribe: www.youtube.com/iamjoestone
Press Contact: [email protected]
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Original Source: Snapchat Green-Lights The Church of Joe Stone Partnership/Show
