Longpoint Buys Los Angeles Retail Center

Longpoint has acquired Grand Covina Plaza, a 111,975-square-foot, grocery-anchored retail center in Covina, Calif. A private family partnership previously owned the asset that traded for some $25 million or $223 per square foot. JLL Capital Markets represented the seller and procured the buyer.

The private partnership had acquired the property for $5.7 million in 2007, according to CommercialEdge information. In 2015, the retail center became the subject of a $7 million loan issued by RGA Reinsurance Co., set to mature this year, the same source shows.

An L.A.-area retail center

Completed in 1956, Grand Covina Plaza consists of four buildings located at 1001-1075 N. Grand Ave. Anchored by Stater Bros. Markets, the property has a diverse mix of tenants including Dollar Tree, KFC, 7-Eleven and O’Reilly Auto Parts. The retail center was 89 percent leased at the time of sale.

Located in the San Gabriel Valley, Grand Covina Plaza is some 23 miles west of downtown Los Angeles. The property is near the Covina train station, as well as the Kahler Russell Park. The retail center serves approximately 180,000 people within a 3-mile radius.

JLL Managing Director Dan Tyner, together with Senior Managing Directors Gleb Lvovich and Geoff Tranchina, led the Investment Sales and Advisory team that worked on behalf of the seller.

Grocery-anchored shopping centers continue to attract investors due to their resilience, consistent foot traffic and strong returns, especially in the post-pandemic environment. Last year, the retail sector’s transaction volume reached $7 billion, with a 34 percent increase in investment activity in the second half of the year. Asset values hit a record $209 per square foot.