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6/26/24
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A 7.8k sf retail strip center in West Covina sold for $2.44 mil, or $312/sf, in an all-cash deal. The multi-tenant center, located at 532-540 North Azusa Ave, just north of the I-10 Fwy, was 100% occupied at the time of sale.
The center is home to five service-oriented tenants ranging in size from 1.3k sf to 2k sf including a nail salon, hair salon, martial arts school, massage studio and Friar Tux. The well-maintained property features 135+ feet of unobstructed frontage and recent updates include a new roof and parking lot improvements.
The center is prominently situated on Azusa Ave, which is the area’s primary north/south commercial corridor with visibility to over 53,000 cars per day. Within a three-mile radius there are over 190,000 people with an average household income of $117k. Furthermore, according to CoStar, out of 1.5 msf of retail space along Azusa Ave between the 10 Fwy and Covina Blvd there are only three vacant shop spaces (1k sf to 2k sf) representing less than a 1% vacancy rate.
Greg Bedell, CCIM, and Roxanne “Roxy” Klein with Progressive Real Estate Partners represented the seller, a private San Bernardino County investor, in the transaction. Before listing the property for sale Klein brokered a lease with a martial arts studio, bringing the property to full occupancy and adding significant value. The buyer is a local West Covina based investor who also owns and manages several other Southern California retail properties and is officed in West Covina near the property.
“This sale represents one of the lowest cap rates year-to-date for a retail strip center in the San Gabriel Valley,” noted Bedell. “Demand remains strong for well-located centers with strong fundamentals, particularly those priced below $5 mil where there remains a robust pool of all-cash investors who are not as sensitive to higher debt costs.”
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