Covina Center Fetches $13M

COVINA, CA-Covina Marketplace LLC has bought the 105,259-sf Covina Marketplace from Marketplace Covina for $13.45 million, according to Sperry Van Ness.

Cheryl Pestor of Sperry Van Ness reports that the buyer of the six-building shopping center at 942-960 W. Arrow Highway and at 1415-1453 N. Azusa Ave. was looking for a retail investment in a diversely populated area like the Covina locale. Pestor and Reza Etedali of Reza Investment Group represented the seller. Pestor describes the property as an excellent mix of retail, service and restaurant tenants in a highly desirable area of Covina. The buyer was represented by Mike Chalem of D.M.C. Real Estate Co.

Built in 1988, the center underwent an expansion and remodeling in 2000 and is more than 94% leased to tenants such as Gigante supermarket, Hollywood Video, Kentucky Fried Chicken, Sally Beauty Supply, Quiznos and Cingular Wireless.

In a separate transaction, Brad Umansky of Sperry Van Ness reports that Ximeno Associates paid $2.1 million for an 11,814-sf retail property that consists of a single tenant building leased to Kragen Auto Parts at 1691 University Ave in Riverside.

Umansky represented the seller, Southland Cos., with the buyer represented by Ken Robertson of Treadwell Properties Inc.