Sterling Organization Has Announced the Sale of Two California Properties Totaling $36.85 Million
May 2, 2022
WEST PALM BEACH, Fla. - May 2, 2022 - (Newswire.com)
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 sale of two California properties, Olivera Crossing in the San Francisco MSA and 8379 Melrose Avenue in West Hollywood (Los Angeles MSA), for a combined $36.85 million.
Olivera Crossing, a 47,571 square foot neighborhood shopping center anchored by Planet Fitness, Starbucks and Taco Bell, was acquired on behalf of Sterling's institutional fund Sterling Value Add Partners II, LP ("SVAP II") in May 2016 for $11.98 million. During its hold period, Sterling was able to increase occupancy at the property by upwards of 20%, filling vacancy with a mix of national, regional, and local tenants. The center was sold to Dollinger Olivera Associates LP, an active investor in the Bay area, on March 25, 2022 for $17.65 million.
8379 Melrose Avenue was acquired on behalf of Sterling's institutional fund Sterling Value Add Partners III, LP ("SVAP III") for $14.75 million in July 2019. This property was purchased as part of a two-building, high-street retail portfolio located along Melrose Avenue in West Hollywood, CA, one of L.A.'s premier retail corridors. Following acquisition, Sterling filled the building with Casper, an e-commerce mattress retailer seeking a flagship brick-and-mortar location. On April 15, 2022, 8379 Melrose Avenue was sold for $19.20 million to Crown Equity.
"We are very pleased with our team's wire to wire execution of both the Olivera Crossing and 8379 Melrose Avenue deals in California," said Jordan Fried, a Principal of Sterling Organization. "These investments showcase the outstanding job our team has done executing our business plans, with both investments exceeding target returns," added Fried.
Sterling Organization owns and manages 70 properties throughout the United States exceeding 11.5 million square feet and approaching $2.4 billion in value.
Media Contact: Dana Verhelst, [email protected]
www.sterlingorganization.com
Press Release Service by Newswire.com
Original Source: Sterling Organization Has Announced the Sale of Two California Properties Totaling $36.85 Million
More News
Revealed: The world's best Christmas markets for 2026 - with three of the top 10 in the UK
From Germany's centuries-old festive markets to New York's winter wonderland, the world's best Christmas markets for 2026 have been revealed.
Want to bag a break but save some cash? Here's our pick of the best travel deals available this week - from savings on all-inclusive Egypt stays to affordable city breaks
The Daily Mail's travel desk brings you a selection of the best deals currently available - so you can bag a bargain break.
A wheelchair, a beach and the freedom of the sea - is this Europe's most accessible resort?
On Turkey's southern coast, our writer discovers thoughtful design, exceptional hospitality and the simple joy of feeling the sea beneath her feet.
Here Are The 12 Most Incredible Things I Ate On A Weekend Trip To Chicago, As A Canadian Foodie With Extremely High Standards
"This genuinely had me pumped to wake up every day." View Entire Post ›
Netflix drama Did Someone Happen to Mention Me? review: Koji Yakusho leads amnesia comedy
3.5/5 stars Lead cast: Koji Yakusho, Kento Kaku, Kenichi Matsuyama In Netflix’s new comedy series Did Someone Happen to Mention Me?, Koji Yakusho stars as a world-famous Japanese actor who discovers that almost the whole of Japan has forgotten him. Playful and lighthearted, the eight-episode series follows the veteran performer as he loses his celebrity status overnight and is forced to reassess his character and relationships while rebuilding his life and career. Created by acclaimed...
Happier Passengers, Shorter Lines: Airport Satisfaction Rises in the UK and US
New security screening technology and revamped infrastructure is improving the airport experience The post Happier Passengers, Shorter Lines: Airport Satisfaction Rises in the UK and US appeared first on Business Traveller.
John Malkovich über seinen neuen Film, die Dreharbeiten auf der Osterinsel und das Schauspielgeschäft
Er ist in 47 Ländern aufgetreten und hat in mehr als 100 Filmen mitgewirkt, doch könnte dies das Jahr sein, in dem John Malkovich endlich den Oscar gewinnt? Wir sprechen mit dem bekannten Schauspieler über seinen neuen Film „Wild Horse Nine“ und das Leben abseits des Showgeschäfts. The post John Malkovich über seinen neuen Film, die Dreharbeiten auf der Osterinsel und das Schauspielgeschäft appeared first on Business Traveller.
The ultimate 2026 winter holiday guide - from backcountry skiing in Japan to beginner's delight in Aspen
It is nearly time to put skis to slope once more, so what's new for the season ahead? Plenty, writes Gabriella Le Breton, including a whizz-bang new lift in Verbier.
Opera Hong Kong’s Cavalleria Rusticana and Pagliacci double bill lights up the stage
Opera Hong Kong’s first fully staged production of Pietro Mascagni’s 1890 Cavalleria Rusticana and Ruggero Leoncavallo’s 1892 Pagliacci does justice to the classic double bill. Familiarly known as Cav/Pag, the production features lively staging, strong performances in the leading roles and splendid work by the Opera Hong Kong Chorus. Since 1893, the two operas have often been performed together for obvious reasons. Both are set in the rural Italian south and both explore themes of jealousy,...
Is Southwest Airlines Considering Boeing 787s for Long-Haul Flights?
Southwest is reportedly studying Boeing 787s for long-haul flying. Could widebodies force the airline into premium cabins, new labor agreements and complexity far removed from its traditional 737 model? The post Is Southwest Airlines Considering Boeing 787s for Long-Haul Flights? appeared first on Business Traveller.
Elon Musk, Delta Airlines and a Feud Over In-Flight Wi-Fi
Mr. Musk, whose company SpaceX owns Starlink, has attacked the top executive of Delta Air Lines for not selecting the internet provider.
Disney unveils its incredible new cruise ship - complete with a 760ft water ride, seven pools and a Toy Story wonderland
Set to sail in December 2027, the spectacular vessel will boast everything from a Frozen-themed feast and a Haunted Mansion bar to an extraordinary two-storey suite.
YOUR NEWS, OUR NETWORK.
Do you have Great News you want to tell the world?
Be it updates about your business or your community, you can make sure that it’s heard by submitting your story to our network reaching hundreds of news sites across 6 verticals.