**Longpoint Acquires Stater Bros.-Anchored Grand Covina Plaza for $24.975 Million**
JLL Capital Markets has finalized the $24.975 million sale of Grand Covina Plaza, a 111,975-square-foot grocery-anchored retail center located in Covina, California.
The transaction was led by Managing Director Dan Tyner and Senior Managing Directors Gleb Lvovich and Geoff Tranchina, who represented the seller, a private family partnership. The buyer, Longpoint, was directly procured by the JLL team.
Grand Covina Plaza, currently 89% occupied, is anchored by Stater Bros. Markets and boasts a strategic location at 1001-1075 N. Grand Avenue, providing easy access from both Covina and Grand avenues. The retail center sits within a densely populated trade area with more than 180,000 residents within a three-mile radius.
Alongside Stater Bros., the center features a tenant mix that includes Dollar Tree, KFC, 7-Eleven, and O’Reilly Auto Parts.
“Grand Covina Plaza generated significant interest, resulting in double-digit offer counts and strong overall feedback from the market,” said Tyner. “Grocery-anchored retail, coupled with its unique upside potential, made Grand Covina Plaza a great opportunity for investors.”
