Sterling Organization has acquired two single-tenant high-street retail assets on Melrose Ave. in Los Angeles. The investor purchased the assets through its third institutional value-add fund, Sterling Value Add Partners III, for $35 million.

The two properties are both located at Melrose Ave., Melrose Place and North Orlando Ave., and include a 3,275-square-foot single tenant building on the north corner and a 21,379-square-foot multi-level, multi-tenant building on the south corner.

The purchase of these two assets brings Sterling's total portfolio to 54 properties and 10 million square feet nationwide.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.

Los Angeles
Net Lease
Retail
Capital Markets
West