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Longpoint Acquires Stater Bros.-Anchored Covina Center
JLL Capital Markets recently closed the $24.975-million sale of Grand Covina Plaza, a grocery-anchored, 111,975-square-foot retail center located in Covina. Managing director Dan Tyner and senior managing directors Gleb Lvovich and Geoff Tranchina represented the seller, a private family partnership, and procured the buyer, Longpoint.
Anchored by Stater Bros. Markets, the 89% occupied Grand Covina Plaza is a grocery-anchored retail center strategically located at 1001-1075 N. Grand Ave., with convenient access from Covina and Grand avenues. The center benefits from its position in a highly dense trade area, encompassing more than 180,000 people within a three-mile radius. In addition to Stater Bros., other tenants include 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.”
- ◦Sale/Acquisition
