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.”
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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- Kevin Deutsch is an award-winning crime journalist and author. A graduate of Florida International University, Kevin has worked on staff at The Miami Herald, New York Daily News, and The Palm Beach Post.