The shopping center currently sits at 89% occupancy, anchored by a 54,087-square-foot Pavilions grocery store. Other existing tenants include Chase Bank, Insomnia Cookies, and Nothing Bundt Cakes. The property serves a trade area with over 244,000 residents and average annual household incomes surpassing $194,000. Sterling Organization intends to leverage the asset’s location near Beverly Hills and Century City to improve occupancy and refine the tenant mix.
In section Releases
Sterling Organization Buys Pavilions Marketplace in West Hollywood
West Palm Beach-based Sterling Organization has acquired the 69,622-square-foot Pavilions Marketplace in West Hollywood, California. The purchase, executed through the firm’s Sterling Value Add Partners IV fund, secures a strategic retail site at the intersection of Santa Monica and North Robertson Boulevards in a high-density, affluent urban corridor.
Bob Dake, a principal at Sterling, described the acquisition as an opportunity to enhance the physical appeal and income streams of an irreplaceable piece of real estate. Jordan Fried, also a principal at the firm, noted that the deal aligns with the fund’s strategy of targeting shopping centers with strong fundamentals. The transaction was facilitated by the Eastdil Secured Savills team. With this addition, Sterling Organization’s portfolio now spans 83 properties totaling over 15 million square feet, with a gross asset value exceeding $4 billion.
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