ICSC RECON is coming up and GlobeSt.com has a month of special coverage in the works. Don't miss a bit of it. Click here for more information.
WEST COVINA, CA-Cole Real Estate Investments has acquired Eastland Center, an 805,000-square-foot retail power center in West Covina, CA, for $147 million from the Westfield Group. The center is currently 100% leased.
Eastland Center was originally built in 1957 and has been redeveloped twice, in both 1979 and 1997. It consists of a two-story main building accessible from two sides at grade level, which houses the majority of the anchor and junior anchor tenants, an in-line grocery-anchored community center and eight other buildings that include several junior anchors, shop tenants and outparcels.
Prominent tenants at the center include: Target, Burlington Coat Factory, Albertson’s, Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Ross Dress for Less, Office Depot, DSW and PetSmart. In addition, the property includes several specialty retailers and restaurant tenants including Dollar Tree, Carter’s, Starbucks Coffee, BJ’s Restaurant and Brewhouse, and T.G.I. Friday’s. Another major anchor retailer is currently under construction, according to a prepared statement, and the tenant will be revealed “soon,” according to the statement.
The Westfield Group was represented by Eastdil Secured.
“This is an excellent addition to our growing portfolio of power centers,” says Scott Holmes, senior vice president of acquisitions and multi-tenant retail at Cole. “Eastland Center is anchored by a great mix of the nation’s top retailers, including Target which has 15 years remaining on its lease.”
Holmes adds that “When you factor in the property’s highly visible location in a major market, the ability to own the entire center and being 100% leased, this is a prime example of the type of power center that we continue to target for acquisition.”
The property is situated on nearly 49 acres along a half-mile of frontage adjacent to Interstate 10, and passed by more than 230,000 vehicles per day. West Covina is located 20 miles east of downtown Los Angeles within the San Gabriel Valley area. According to public data, there are currently an estimated 449,536 people and 126,121 households within a five-mile radius of the shopping center.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
