Phillips Edison & Company has acquired the Shops at Plaza West Covina, a multi-tenant shopping center in West Covina, in a transaction valued at $25.78 million. JLL Capital Markets represented a private seller in the disposition of the property, which totals 46,406 square feet of retail space.
The Shops at Plaza West Covina is located at 310 S California Ave., directly adjacent to Plaza West Covina Mall. The neighboring mall is described as the sixth most popular regional mall in California, drawing more than 8.9 million visitors annually, positioning the strip center to benefit from strong regional traffic and established retail demand in the immediate area.
The retail property spans 46,406 square feet and was reported to be 88% occupied at the time of sale. While specific tenant names and lease terms were not disclosed, the occupancy level indicates that the center was substantially leased when Phillips Edison completed the purchase. No additional details were provided regarding any planned changes to the tenant mix or capital improvement strategy following the acquisition.
JLL Capital Markets handled the investment sale assignment on behalf of the private seller through its Investment Sales and Advisory team. The brokerage team was led by managing director Daniel Tyner along with senior managing directors Geoff Tranchina and Gleb Lvovich, who were credited with arranging the transaction and representing the seller in the marketing and sale process.
Commenting on market conditions, Tyner noted that well-located unanchored strip centers across the greater Southern California market have continued to perform well. He added that demand from institutional investors, private buyers and 1031 exchange capital remains robust, and expressed the view that these types of assets are expected to continue offering compelling investment opportunities for participants active in the region.
