Sterling Org pays $37 million for Coral Springs mall
Sterling Organization is entering the Broward County retail market with the acquisition of a $37.4 million shopping center in Coral Springs.
A subsidiary of the West Palm Beach-based private equity real estate firm has acquired Coral Landings III, a 172,526 square foot shopping center located at 6166 and 6200 West Sample Road, records show. Sterling, led by managing director and CEO Brian Kosoy, paid $217 per square foot for the mall.
Completed in 2009, Coral Landings III is anchored by Best Buy and HomeGoods. Other tenants include Aldi, Starbucks, Bonefish Mac’s Sports Grille, Tropical Smoothie Café and Sally Beauty.
The seller, Coral Landings Property Corp., managed by Jill A. Matarese of Melville, New York, paid $33.7 million for the 23.2-acre property in 2015, records show.
Sterling owns eight malls and malls in Miami, Fort Lauderdale, Boca Raton and West Palm Beach, according to the company’s website. Among them are the Shops at Kendall in southwest Miami-Dade, where grocer Sprouts recently opened its first store in South Florida. Sterling’s portfolio also includes 73 commercial properties across the country, from New York to California.
Coral Landings III is the first South Florida deal for Sterling since 2019, when the company paid $25.9 million for a Jupiter mall anchored by Publix.
Malls remain a popular bet among South Florida real estate investors. This month, a subsidiary of Wellington-based Worth Capital Holdings paid $16 million for a shopping mall in the company’s hometown. Additionally, Coconut Grove-based Frontier Companies bought a mall anchored in Best Buy in Kendall for $17.8 million.
In Hialeah, Dacar Management secured an $81 million construction loan this month to begin building a mixed-use project that includes a commercial component anchored by Publix, Burlington and HomeGoods.
And a joint venture between North Palm Beach-based Electra America and Miami-based BH Group paid $100.3 million for the Southland Mall in Cutler Bay.