Sterling Organization buys iconic L.A. shopping center at bankruptcy auction for $165m

Sterling Organization has purchased Plaza Mexico, a 403,242-square-foot grocery and drug-anchored shopping center anchored by a high-performing Food 4 Less (Kroger) and Rite Aid located in Los Angeles. The property was acquired on behalf of Sterling’s institutional value-add fund, Sterling Value Add Partners III (SVAP III), for $164.63 million.

Plaza Mexico sits on a 32.82-acre parcel in Lynwood, Calif. With its iconic design and robust event calendar, the property draws shoppers from across the city of Los Angeles. With a population of approximately 400,000 people living within three miles and almost 1 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. The property further features a Mercado, which houses more than 200 unique vendors.

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