Sterling Organization Buys Iconic Los Angeles Shopping Center at Bankruptcy Auction for $164.63 Million
Sterling Organization has announced the acquisition of Plaza Mexico, a 403,242-square-foot grocery and drug-anchored shopping center.
WEST PALM BEACH, Fla., July 05, 2022 (GLOBE NEWSWIRE) -- Sterling Organization, a vertically integrated private equity real estate firm whose national platform is focused on investing in LAST HOUR® consumer fulfillment and distribution real estate assets, has announced the acquisition of Plaza Mexico, a 403,242-square-foot grocery and drug-anchored shopping center anchored by a high-performing Food 4 Less (Kroger) and Rite Aid located in Los Angeles, California. The property was acquired on behalf of Sterling's institutional value-add fund, Sterling Value Add Partners III, LP ("SVAP III"), for $164.63 million.
Plaza Mexico sits on a 32.82-acre parcel in Lynwood, California. With its iconic design and robust event calendar, the property draws shoppers from across the city of Los Angeles. With a population of approximately 400,000 people living within three miles and almost one million within five miles of the property, it is a true infill location. In addition to Food 4 Less and Rite Aid, the property is also home to tenants such as Planet Fitness, Curacao, Sketchers, Check E. Cheese, Taco Bell, Pizza Hut, Jack in the Box, and Boost Mobile, to name a few. The property further features a Mercado, which houses more than 200 unique vendors.
"Plaza Mexico presents an incredibly rare opportunity to reestablish and reposition one of the more dynamic, unique and well-known community centers in Los Angeles," said Brian Kosoy, Managing Principal and CEO of Sterling Organization. "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," Kosoy added.
Jordan Fried, a principal of Sterling Organization, added, "We want to thank all parties involved in this complicated transaction who helped navigate our team through the bankruptcy auction process and over the finish line. A special thanks must go specifically to our counsel, Michael Torkin, Zachary Weiner, and Krista Miniutti at Simpson Thacher as well as Geoff Tranchina and the entire team at JLL. Plaza Mexico is genuinely important to the community it serves and I am personally excited to watch our operations team add value for its tenants, patrons, and for our investor partners as we seek to create a real win-win-win situation."
Sterling Organization owns 75 properties throughout the U.S. exceeding 12.5 million square feet of GLA and over $2.7 billion in value.
Image 1: Plaza Mexico
Plaza Mexico in Lynwood, CA
This content was issued through the press release distribution service at Newswire.com.