Sterling Org to pay $37 million for Coral Springs mall

Sterling Organization is pushing into the Broward County retail market with a $37.4 million acquisition of a Coral Springs mall.

A subsidiary of the West Palm Beach-based private equity real estate firm acquired Coral Landings III, a 172,526-square-foot shopping mall at 6166 and 6200 West Sample Road, records show. Sterling, led by managing principal and CEO Brian Kosoy, paid $217 per square foot for the retail center.

Coral Landings III was completed in 2009 and is anchored by Best Buy and HomeGoods. Other tenants include Aldi, Starbucks, Bonefish Mac’s Sports Grille, Tropical Smoothie Café and Sally Beauty.

The seller, Coral Landings Property Corp., managed by Jill A. Matarese of Melville, New York, paid $33.7 million for the 23.2-acre property in 2015, according to records.

Sterling owns eight retail centers and malls in Miami, Fort Lauderdale, Boca Raton and West Palm Beach, according to the company’s website. Among them are the Shops at Kendall in southwest Miami-Dade, where grocer Sprouts recently opened its first South Florida store. Sterling’s portfolio also includes 73 commercial properties across the country, from New York to California.

Coral Landings III is Sterling’s first deal in South Florida since 2019, when the company paid $25.9 million for a Publix-anchored Jupiter mall.

Malls remain a popular bet among South Florida real estate investors. This month, a subsidiary of Wellington-based Worth Capital Holdings paid $16 million for a mall in the company’s hometown. Also, the Coconut Grove-based Frontier Companies bought a Best Buy-anchored mall in Kendall for $17.8 million.

In Hialeah, Dacar Management secured an $81 million construction loan this month to begin construction on a mixed-use project that includes a retail component anchored by Publix, Burlington and HomeGoods.

And a joint venture between North Palm Beach-based Electra America and Miami-based BH Group paid $100.3 million for Southland Mall in Cutler Bay.