PALM BEACH, FL-Boston-based The Davis Companies and Palm Beach-based Sterling Organization acquired the LA Fitness Plaza, a 105,000-square-foot shopping center in Palm Beach Gardens, for $13.25 million. The companies formed a partnership called DIV Palm Beach Gardens LLC to hold the property.

Steve Miskew, co-founder and managing director of West Palm Beach-based RJS Realty Group, represented the owner, Fairway Shoppes Joint Venture, a Texas general partnership between a fund advised by Prudential Real Estate Investors and Southeast Centers, in the transaction. The investment partnership marks The Davis Companies’ first deal with the Sterling Organization. The Sterling Organization will oversee daily operations, management and leasing of the 14.75-acre property.

“This partnership allows for great synergies between both organizations as we look to grow our portfolio of value-add properties,” says Brian Kosoy, CEO of Sterling Organization. “The Davis Companies is an ideal partner due to its entrepreneurial focus, stellar reputation and long-standing history of successful investing in every stage of the real estate cycle.”