Marcus & Millichap Completes San Gabriel Valley Retail Center Sale
WEST COVINA, Calif., Jan. 6, 2022 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of the West Covina Center, a 100% occupied, 122,756-square-foot retail center in West Covina, California.
“West Covina Center was fully renovated in 2020, allowing previous ownership to lease more than 102,000 square feet to Floor & Décor in May 2020, despite the pandemic,” said Jose Carrazana from Marcus & Millichap’s Los Angeles office. “Floor & Décor has demonstrated its long-term commitment to the property by making significant improvements to the space.” Carrazana, Enrique Wong and Jessica Baram represented the seller and procured the buyer, CRG Investments. “West Covina Center benefits from a diverse and internet-resistant mix of tenants that are classified as essential businesses by the state of California,” added Baram.
The center is located between West Covina Parkway and West Cameron Avenue in a trade area adjacent to Interstate 10. There are 533,000 people and 7.8 million square feet of office space within a five-mile radius of the property. California State Polytechnic University, Citrus College, and Azusa Pacific University are nearby. In addition to Floor & Décor, the property is occupied by American Freight, and Purrfect Auto Service.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.