Sterling Organization announced the acquisition of Plaza Mexico, a 403,242 square foot grocery store and drug-intensive mall.
WEST PALM BEACH, Fla., July 05 11, 2022 (GLOBE NEWSWIRE) — Sterling Organization, a vertically integrated private equity real estate firm whose national platform focuses on investing in LAST HOUR® consumer satisfaction and distribution real estate assets, announced the acquisition of Plaza Mexico City, a 403,242 square foot grocery store and drug-infused mall anchored by a highly successful Food 4 Less (Kroger) and Rite Aid located in Los Angeles, CA. The property was acquired on behalf of Sterling’s institutional value-added 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 attracts buyers from all over Los Angeles. With a population of approximately 400,000 people living within three miles and nearly 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. some. . The property additionally features a Mercado, which houses more than 200 unique vendors.
“Plaza Mexico presents an incredibly rare opportunity to reestablish and reposition one of Los Angeles’ most vibrant, unique and well-known community centers,” said Brian Kosoy, Managing Director and CEO of Sterling Organization. “We are excited to invest and work with the community on what we see as a great opportunity to revitalize and enhance this important property for the benefit of the community it serves,” added Kosoy.
Jordan Fried, Director of Sterling Organization, added: “We would like to thank all parties involved in this complicated transaction who have helped our team navigate the bankruptcy auction process and to the finish line. . Special thanks should be addressed in particular to our attorney, Michael Torkin, Zachary Weiner and Krista Miniutti at Simpson Thacher as well as Geoff Tranchina and the entire JLL team. Plaza Mexico is truly important to the community it serves and I am personally thrilled to see our operations team add value to its tenants, patrons, and for our investment partners as we seek to create a true win- win-win.”
Sterling Organization owns 75 properties across the United States, exceeding 12.5 million square feet in GLA and over $2.7 billion in value.
Plaza Mexico in Lynwood, California
This content was published via the newswire.com press release distribution service.