Marcus & Millichap : Completes San Gabriel Valley Retail Center Sale
January 13, 2022 at 02:56 am IST
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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)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry's most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 12 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 January 2022 21:25:06 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
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