Sterling Organization Buys LA Retail Center for $165M
Florida-based Sterling Organization has bagged a big shopping center in Los Angeles through bankruptcy auction.
The retail and industrial investor paid $164.6 million to acquire the 403,200-square-foot Plaza Mexico in the city of Lynwood, Calif., between South Gate and Compton.
Its anchor tenants are grocery store and drug store Kroger’s Food 4 Less and Rite Aid. Other tenants include Planet Fitness, Curacao, Skechers, Chuck E. Cheese, Taco Bell, Pizza Hut, Jack in the Box and Boost Mobile. The center also includes a mercado with more than 200 vendors.
The property was acquired on behalf of the fund Sterling Value Add Partners III. Property records show it was previously owned by investors Donald Chae and Min Chae.
“We are excited to invest in and work with the community on what we view as a great opportunity to revitalize and improve this important property for the benefit of the community it serves,” Brian Kosoy, CEO of Sterling Organization, said in a statement.
At 3100 East Imperial Highway, Plaza Mexico spans nearly 33 acres, bounded by Imperial Highway, Long Beach Boulevard, State Street and the 105 freeway. Sterling said approximately 400,000 people live within three miles of the property, and almost 1 million people live within five miles.
Sterling is also focused on fulfillment and distribution real estate, and owns 75 properties throughout the country, spanning more than 12.5 million square feet of gross leasable area that the company says is worth over $2.7 billion.
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