South Hills Plaza in West Covina Acquired by Hong Kong-based Investor in $20 Million Deal
- Dec 23, 2014
South Hills Plaza recently traded hands in a deal worth a reported $20.7 million. The buyer was LT Global, acting as LT Holdings in the United States market, a Hong Kong-based publicly traded investment company. The transaction was handled by CBRE Senior Vice President Philip D. Voorhees, along with a National Retail Investment Group – West team. The West Covina, CA retail center was sold by an L.A.-based partnership. The NRIG-West team consisted of Voorhees, Jimmy Slusher, Megan Read, Matt Burson, Brad Rable and John Read.
South Hills Plaza was developed in 1982 and was renovated in 2005, and it totals 120,589 square feet of retail space. The community shopping center is located on a 9.43-acre site at the corner of Azusa Avenue and E. Aroma Drive in West Covina. Anchor tenants at the site include 24 Hour Fitness and Marukai Market. Other national brands such as Taco Bell, Subway, USPS, and Charter Communication also have a presence at the property.
The sale process included the distribution of more than 370 offering memoranda to potential investors and brokers, which generated 23 purchase offers. According to the press statement announcing the transaction, Slusher noted that LT Global’s bid eventually won out because the Hong Kong-based investor “was persistent and tenacious; the competition was rather intense.” This is the 106th closed transaction recorded by CBRE’s NRIG-West team since the start of 2012 for a total consideration of $2.28 billion. Properties listed and sold by NRIG-West totaled more than $8.24 billion in retail transactions.