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Waterford Boosts San Gabriel Valley Portfolio
Newport Beach-based Waterford Property Company acquired Marketplace at the Lakes, a 95,628-square-foot value-add retail project in West Covina from CIM Group for $18.6 million. The asset is situated on seven acres off the 10 freeway in the market’s main retail corridor.
Waterford Property Company’s John Drachman says, “We have the option to redevelop the retail site for multifamily, which creates greater possibilities for us as owners. Considering the negative impact of the COVID pandemic on the economy as well as the growing consumer attraction for e-commerce, the ability to use our expertise to redevelop this asset at a later date is critical.”
The 1994-built retail center is 80% occupied by Michael’s craft store and Jerome’s Furniture. The property is adjacent to The Lakes, a 174,000-square-foot office campus, which Waterford acquired in 2015. The property has been repositioned into a premier Class A office project for small to mid-size tenants in the east San Gabriel Valley.
Colliers International’s Charles Simpson and El Warner represented the seller. The buyer was self-represented.
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition




