Cole Real Estate Investments has purchased an 805,000-square-foot retail centre in the greater Los Angeles area for $147 million. According to a statement issued by the Phoenix-based real estate firm, Cole bought the Eastland Center in West Covina, California from The Westfield Group.
The centre currently is fully leased and anchored by a number of major retailers, including Target, Burlington Coat Factory, Albertson’s, Dick’s Sporting Goods, Bed Bath & Beyond, Marshalls, Office Depot, DSW and PetSmart. In addition, the property includes several specialty retailers and restaurant tenants, including Dollar Tree, Carter’s, Starbucks Coffee, T.G.I. Friday’s and BJ’s Restaurant and Brewhouse. Space for another major anchor retailer currently is under construction, and the tenant will be announced soon.
Scott Holmes, senior vice president of acquisitions for multi-tenant retail at Cole, said in a statement: “Eastland Center is anchored by a great mix of the nation’s top retailers. This is a prime example of the type of centre that we continue to target for acquisition.”
Eastland Center originally was built in 1957 and has been redeveloped twice, in 1979 and 1997. It consists of a two-story main building accessible from two sides at grade level, which houses the majority of the anchor and junior anchor tenants, an in-line grocery-anchored community centre and eight other buildings that include several junior anchors, tenants and outparcels.
The property is situated on nearly 49 acres along a half-mile of frontage adjacent to Interstate 10 and is passed by more than 230,000 vehicles each day. West Covina is located 20 miles east of downtown Los Angeles within the San Gabriel Valley area.