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October 27, 2020
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Waterford Property Company Spends $18.6 Mil on Covina Retail Asset

10/01/20

Waterford Property Company has purchased Marketplace at the Lakes, a 95.6k sf, value-add retail project located on seven acres of land off the 10 Fwy in West Covina. The center was sold by CIM Group in an $18.6 mil ($195/sf) transaction.

The retail center is 80% occupied by Michaelís craft store and Jeromeís Furniture. It is located at 940-970 Lakes Dr, adjacent to The Lakes office campus at 1000 and 1050 Lakes Dr. Waterford acquired the 174k sf, Class A office campus in November 2015 and then repositioned it to better serve small to mid-size tenants in the east San Gabriel Valley.

Built in 1994, Marketplace at the Lakes is situated near numerous amenities including the Colony at the Lakes multifamily project, Plaza West Covina Super Regional Mall, and numerous other retail/food and multifamily projects all within close proximity.

According to Waterford Co-Founder John Drachman, the firm has the option to redevelop the Marketplace into multifamily, which provides greater possibilities with the property down the road. The company is focused on finding larger retail sites that they can acquire pre-entitlement and create significant value through the development process.




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