The Sterling Organization has picked up a Westlake Village shopping center for $35 million.
The Palm Beach, Florida-based firm paid around $404 per square foot for North Ranch Gateway at 30819 Thousand Oaks Blvd. The purchase was the first made through Sterling Value Add Partners III, LP, an institutional fund.
Sterling closed the value-add fund in July with nearly $500 million to deploy. Investors include endowments, foundations, and private and public pension plans, according to Bisnow.
North Ranch Gateway spans 86,500 square feet and was built in 1989. It recently underwent significant renovations, according to Sterling. A T.J. Maxx discount store anchors the center. The rest of the tenants are mostly national chains, including Bank of America, Dunkin Donuts, Subway, Baja Fresh Mexican Grill, and Domino’s Pizza.
The property is 74 percent leased. Sterling CEO Brian Kosoy said the firm’s plans are to lease the remaining square footage, but did not elaborate further. Property records link the seller to Dallas, Texas investment firm Crow Holdings Capital, led by Bob McClain.
Sterling expanded to Los Angeles three years ago. The firm’s last big transaction was the sale of 456 N. Rodeo Drive in Beverly Hills. The prime retail storefront sold for $110 million to Louis Vuitton Moet Hennessy earlier this year, double what Sterling paid.
The firm owns another Beverly Hills storefront it purchased in 2016 for $23.5 million.
CBRE’s Preston Fetrow and Sam Alison represented Sterling in the Westlake purchase.