Stephen Lampe of the Los Angeles office of Marcus & Millichap says an investment partnership based in Van Nuys has acquired the regional community center from a Los Angeles-based investment group for $14.2 million. Lampe was the listing agent for the property and also represented the buyer of the shopping plaza, which was 79% occupied at the time of the sale.
The sale closed at a price of $178 per sf, reflecting the national credit tenants at the center, according to Lampe, who notes that several of the tenants are paying additional percentage rent as sales volumes are in excess of the sales threshold.
West Covina Parkway Plaza is situated at the intersection of West Covina Parkway and California Avenue, across from Westfield Shopping Town, a 1.2 million-sf super regional mall. Originally constructed in 1975 and renovated in 1991, the center has been honored for its architectural design by the U.S. Congress, the County of Los Angeles and the City of West Covina. Tenants include Pier 1, The Good Guys and Petco. Additional tenants include Sizzler's Restaurant, Togo's, Household Finance, House Ware, Supercuts, Olan Mills, Volt Information, State Farm Insurance, Numzio's Hair Design, Adecco, Baylon DDS, JR's Jewelers, Anna's Pizza and Yomas Khan.
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