Sterling Organization is sliding into the Broward County retail market with a $37.4 million shopping center acquisition in Coral Springs.
An affiliate of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot retail center at 6166 and 6200 West Sample Road, records show. Sterling, led by Managing Principal and CEO Brian Kosoy, paid $217 a square foot for the retail center.
Completed in 2009, Coral Landings III is anchored by Best Buy and HomeGoods. Other tenants include Aldi, Starbucks, Bonefish Mac’s Sports Grille, Tropical Smoothie Café, and Sally Beauty.
The seller, Coral Landings Property Corp., managed by Jill A. Matarese of Melville, New York, paid $33.7 million for the 23.2-acre property in 2015, records show.
Sterling owns eight retail malls and shopping centers in Miami, Fort Lauderdale, Boca Raton and West Palm Beach, according to the company’s website. Among them is the Shops at Kendall in southwest Miami-Dade, where grocer Sprouts recently opened its first South Florida store. Sterling’s portfolio also encompasses 73 commercial properties across the country, from New York to California.
Coral Landings III is the first South Florida deal for Sterling since 2019, when the company paid $25.9 million for a Jupiter shopping center anchored by Publix.
Shopping centers remain a popular bet among real estate investors in South Florida. This month, an affiliate of Wellington-based Worth Capital Holdings paid $16 million for a shopping center in the firm’s home city. Also, Coconut Grove-based Frontier Companies bought a Best Buy-anchored shopping center in Kendall for $17.8 million.
In Hialeah, Dacar Management landed an $81 million construction loan this month to start building a mixed-use project that includes a retail component anchored by Publix, Burlington and HomeGoods.
And a joint venture between North Palm Beach-based Electra America and Miami-based BH Group paid $100.3 million for the Southland Mall in Cutler Bay.