Margarita Plaza, near Los Angeles, sells for $23.75m
The Sterling Organization paid $23.75m for a grocery-anchored shopping center located 4 miles from downtown Los Angeles. The retail center, Margarita Plaza, covers 76,797 sq ft at the northeast corner of Santa Fe Avenue and E. Florence Avenue in Huntington Park. Built in 1989, the center is anchored by a 43,350 sq ft Food 4 Less (Kroger) grocery store along with a Little Caesar’s Pizza and Jackson Hewitt. Currently 93 percent leased, the asset traded for $309 per sq ft. The property was purchased in an off-market transaction from private investors on behalf of Sterling Organization’s institutional grocery anchored shopping center core fund, Sterling United Properties I.
“Margarita Plaza has excellent real estate fundamentals and is situated in a super-dense location with more than 461,000 people within a 3-mile radius. Anchored by a market-leading grocer whose performance at this location is among the top in its region, we love the asset and its defensive position within a thriving and well-established, primarily Hispanic, community,” said Ed Senenman, senior managing director of investments and portfolio management at Sterling Organization.