Sterling Organization buys Los Angeles retail center for $165 million – Trade Observer
Based in Florida Sterling Organization ransacked a major shopping mall in Los Angeles through a bankruptcy auction.
The commercial and industrial investor paid $164.6 million to acquire the 403,200 square feet Mexico Square in the town of Lynwood, California, between South Gate and Compton.
Its main tenants are a grocery store and a pharmacy Krogerit is Food 4 Less and Ritual 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 III Value Added Partners. Ownership records show it was previously owned by investors Donald Chae and Min Chae.
“We are delighted to invest and work with the community on what we see as an excellent opportunity to revitalize and enhance this important property for the benefit of the community it serves,” Brian KosoyCEO of Sterling Organization, said in a statement.
To 3100 imperial highway east, Plaza Mexico spans nearly 33 acres, bounded by Imperial Highway, Long Beach Boulevard, State Street and Highway 105. Sterling said about 400,000 people live within three miles of the property and near a million people live within five miles.
Sterling also focuses on execution and distribution real estate and owns 75 properties nationwide, covering more than 12.5 million square feet of gross leasable area which the company says is worth more than $2.7 billion. of dollars.
Gregory Cornfield can be reached at [email protected].