Sterling Organization pays $24M for Huntington Park shopping center

The firm recently deployed nearly $60M in LA on 2 similar projects

TRD LOS ANGELES /
Sep.September 13, 2018 01:00 PM
Margarita Plaza and Sterling Organization CEO Brian Kosoy

The Sterling Organization has followed a big retail purchase in Westlake Village with an encore in Huntington Park.

The Palm Beach, Florida-based firm paid $23.8 million for Margarita Plaza, a 76,800-square-foot shopping center at 6920 Santa Fe Avenue, about four miles south of Downtown L.A.

The property, which is 93 percent occupied, is anchored by a 43,350-square-foot Food 4 Less grocery store. Other tenants include a Little Caesar’s Pizza and Jackson Hewitt tax preparation office. The sale comes out to $309 per square foot.

Last month, Sterling topped L.A. County’s retail investment sales list with the $35 million purchase of the North Ranch Gateway shopping center in Westlake Village.

The Margarita Plaza deal was an off-market sale. The seller was Oakland-based Rubenstein Capital LLC, which first bought a stake in the property in 2007 as part of a larger investment group that paid $15.8 million. Rubenstein bought out its partners in 2009. The firm took out a $12.5 million mortgage on the property with First Foundation Bank in 2016.

Sterling made the purchase for its institutional grocery-anchored shopping center core fund, Sterling United Properties I, LP. That’s a different fund than the value-add fund it started this year, which it used to buy the shopping center in Westlake Village. Sterling closed that fund in July with $500 million to buy up ailing shopping centers. 

The firm landed in L.A. in 2016 with the purchase of a 4,700-square-foot storefront in Beverly Hills for $23.5 million. It’s made three big moves in the southeastern U.S. this year, including the $72.8 million sale of an Orlando-area shopping center it purchased in 2013 for $45.1 million.


Related Articles

arrow_forward_ios
LA promo

Coming Soon: The Real Deal Los Angeles’ Winter 2020 issue!

From left: Howard Schwimmer and Michael S. Frankel, with 1601 W. Mission Boulevard and 2757 E. Del Amo Boulevard (Credit: Google Maps)

Rexford Industrial adds to LA portfolio with $100M in acquisitions

Andrew McDonald and At Mateo in the Arts District

Cushman’s West Coast chief talks expansion, DTLA market, the death of the starving baby broker & more

3339 Exposition Blvd. and Asher Luzzatto

Luzzatto Co. assembling creative office hub in West Adams

Jason Illoulian and the Cemex plant

Faring makes $30M assemblage play on WeHo/LA border

From left: Nuveen CEO Vijay Advani, Graymark founder/CEO Brian Hecktman

Graymark, Nuveen pay $97M for El Segundo creative office

La Mirada industrial building

Clarion pays $77M for La Mirada industrial project

510 Park Avenue and CEO of Monster Beverage Rodney Sacks

Monster Beverage affiliate guzzles down industrial project in San Fernando

arrow_forward_ios
Loading...