PALM BEACH, FL-A partnership of the Sterling Organization and Boston-based Davis Cos., sold the LA Fitness Plaza in Palm Beach Gardens for a nice return.
The partnership, called DIV Palm Beach Gardens, sold the 105,453-square-foot shopping center that has a 41,255-square-foot LA Fitness as an anchor, for $22.25 million to Cornerstone Real Estate Advisors, according to the South Florida Business Journal. The partnership paid $13.25 million in 2010 for the property, which nets out to about a 68% profit, the newspaper reports.
"The economic result of this deal was fantastic,” states Brian Kosoy, president and CEO of Sterling Organization. “The reality is that equally as fantastic and important to us at Sterling is the relationship and partnership we have been able to build with The Davis Companies over the past two and a half years as a result of the LA Fitness Plaza transaction.” See story in the South Florida Business Journal.
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John Jordan
John Jordan is a veteran journalist with 36 years of print and digital media experience.
