Coral Landings III Shopping Center in Coral Springs. {Google Maps}
By Kevin Deutsch
Coral Landings III, a grocery-anchored shopping center located in both Coral Springs and Margate, has been sold to a new owner for $37.4 million, according to the buyer.
The 171,299-square-foot property, located on the corner of West Sample Road and Northwest 62nd Avenue, was purchased by the Sterling Organization, a private equity real estate firm.
The shopping center is anchored by Aldi. Additional national retailers there include Starbucks, HomeGoods, Best Buy, Jo-Ann Fabric, Bonefish Mac’s Sports Grille, Tropical Smoothie Café, and Sally Beauty.
“We are pleased to add an asset of Coral Landings III’s quality to our portfolio,” said Jordan Fried, a principal of Sterling Organization. “Located in a strong South Florida market in close proximity to our West Palm Beach headquarters, we believe this property offers many value-add levers that our team will be able to execute on.”
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According to property records, Coral Landings III was completed in 2009. The corporation that sold the shopping center to Sterling Organization, Coral Landings Property Corp., paid $33.7 million for the property in 2015, the records show.
Sterling Organization currently owns 72 properties in major markets throughout the United States, exceeding 11.8 million square feet and approaching $2.4 billion in value, according to the firm.
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