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8/29/18
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Sterling Organization has purchased North Ranch Gateway, an 86.5k sf shopping center in Westlake Village. The asset was purchased on behalf of Sterling Organization’s latest institutional fund, Sterling Value Add Partners III LP (“SVAP III”), for $35 mil ($405/sf).
Located at the intersection of Lindero Canyon Rd and Thousand Oaks Blvd, North Ranch Gateway was originally built in 1989 and recently underwent significant renovations. The shopping center is anchored by T.J. Maxx, and other tenants include Bank of America, Dunkin Donuts, Subway, Baja Fresh Mexican Grill, 9 Round Kickboxing, Mathnasium and Domino’s Pizza. The property was 74% occupied upon acquisition.
Preston Fetrow and Sam Alison of CBRE represented the seller in the transaction.
“We are pleased to kick off SVAP III with the acquisition of North Ranch Gateway,” said Brian Kosoy, Managing Principal, President and CEO of Sterling Organization. “North Ranch Gateway fits squarely in the center of our box and meets the criteria we are targeting for in our third value-add retail real estate investment fund, including strong demographics and excellent real estate fundamentals. Our business plan primarily contemplates growing the property’s income significantly by leasing up the existing vacancy.”
Sterling Organization opened an office in Los Angeles less than three years ago and now owns five assets in California. The firm’s most recent California transaction was the sale of a property on Rodeo Drive in Beverly Hills less than 24 hours after acquisition. At present, the Palm Beach, FL-based firm and its principals own approximately 10 msf of mostly retail real estate approaching $2 bil in value.
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