Florida-based real estate investment firm Sterling Organization has purchased Elliot Plaza, a 50,678 square foot shopping centre, for $11.65 million.

The asset, which was acquired on behalf of Sterling Organization’s Sterling Value Add Partners III, LP, is located in close proximity to downtown Seattle.

The acquired property is currently 100 percent occupied and anchored by U.S.-based office supply retailer Staples and automaker American Automobile Association.

With this acquisition, Sterling Organization will increase its portfolio to over 400,000 square feet and retail real estate will approach $2 billion in value.