Sterling Organization has sold two California properties, Olivera Crossing in the San Francisco MSA and 8379 Melrose Ave. in West Hollywood, Calif., 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, in May 2016 for $11.98 million. During its hold period, Sterling was able to increase occupancy at the property by upwards of 20 percent, filling vacancy with a mix of national, regional, and local tenants. The center was sold to Dollinger Olivera Associates, an active investor in the Bay Area, on March 25, for $17.65 million.
8379 Melrose Ave. was acquired on behalf of Sterling’s institutional fund Sterling Value Add Partners 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 Ave. in West Ho
