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6/14/24
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Tova Capital has acquired East Willow Village, an 18.6k sf retail strip center in Signal Hill, for $6.75 mil ($363/sf) in an off-market transaction. East Willow Village, located on a nearly two-acre site at 2201 E. Willow St in the city’s primary retail corridor, includes inline shop and pad space.
The property benefits from numerous demand drivers including its location near the intersection of Willow and Cherry Avenue, one of the most highly trafficked intersections in the submarket. Approximately 70,000 vehicles pass through the intersection each day, according to a Placer.ai report. Willow Street, considered Signal Hill’s primary east/west arterial, connects Signal Hill to the City of Long Beach, the second largest city in Los Angeles County. The property is also shadow-anchored by one of the top performing Costco and Home Depot stores in the nation.
Tenancy is made up primarily of food, health and wellness, and community-serving retail users. Its largest tenant, Turner’s Outdoorsman, anchors the center on a 5.6k sf pad. Tenants draw from the 300,000 people who live within a three-mile radius of the property. They also benefit from Signal Hill’s business friendly environment which includes efficient permit processing and no utility user tax, which reduces operating costs.
Tova Capital Inc was represented by the Ally Commercial Real Estate team of Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell. This is Tova’s second retail acquisition in the area in the past 18 months. Tova acquired a 34.5k sf, freestanding retail property at 205-233 E Anaheim St in Long Beach for $6.2 mil in late 2022.
“We were able to purchase the property, which benefits from excellent cash flow, at an attractive price below replacement,” said Tova Capital CEO Ron Harari. “Given its strong location, excellent retail fundamentals and attractive demographics, we are confident that with some strategic capital improvements we can attract credit worthy regional and national tenants.”
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