Sterling Buys Two Melrose Retail Shops

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.