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3/04/26
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Phillips Edison & Company has purchased Shops at Plaza West Covina, a 46.4k sf shopping center located in West Covina, for $25.78 mil ($555/sf). The asset is located at 310 S California Ave, directly adjacent to the Plaza West Covina Mall, which ranks as the sixth most popular regional mall in California with over 8.9 million annual visitors.
The center was 88% occupied at the time of sale. The property features a diverse tenant roster including Bank of America, Jamba, Urbane Café, SchoolsFirst Federal Credit Union, California Fish Grill, Gen Korean BBQ House and other specialty retailers. The center benefits from its proximity to the adjacent Plaza West Covina Mall, which features approximately 185 tenants across 25 acres.
The property’s prime location provides exceptional visibility and access to substantial daily foot traffic, benefiting from over 226,800 vehicles per day on the San Bernardino Freeway. The property draws customers from a dense trade area with over 219,000 people within a three-mile radius and an average household income of $121,880.
Plaza West Covina presented immediate upside potential for the new owner through lease-up of approximately 5.8ksf of vacant space. The property's location adjacent to one of California's top-performing regional malls provides strong fundamentals for sustained leasing demand and tenant performance.
JLL Capital Market’s Investment Sales and Advisory team representing the seller was led by Managing Director Daniel Tyner and Senior Managing Directors Geoff Tranchina and Gleb Lvovich.
“Well-located unanchored strip centers throughout the greater Southern California market have continued to perform well very,” said Tyner. “The demand from institutional, private and 1031 capital remains robust and we expect this to continue as these well-located assets continue to provide great investment opportunity to the greater the market.”
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