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| Two-tenant retail building occupied by Ross Dress For Less (dba dd’s Discounts) and Stars Gymnastics at 404-410 North Azusa Avenue in Covina, CA |
COVINA, CA -- Hanley Investment
Group Real Estate Advisors, a nationally recognized real estate brokerage and
advisory firm specializing in retail property sales, announced the firm
completed the sale of a two-tenant retail building occupied by Ross Dress For Less (dba dd’s Discounts) and Stars
Gymnastics at 404-410 N. Azusa Avenue in Covina, California.
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| Ed Hanley |
The 39,159-square-foot building is
part of the Covina Shopping Center, a community shopping center situated at the
intersection of N. Azusa Avenue and W. San Bernardino Road.
The shopping center includes other
notable tenants Smart & Final Extra! and CVS/Pharmacy. The sale price
for the two-tenant net-leased investment was $6.36 million.
Hanley Investment Group's Executive Vice President Bill Asher and
President Ed Hanley, along with Vice President Jeff Lefko,
represented the seller, a family partnership based in Orange County,
California.
The buyer, Cecelia, LLC from Los
Angeles, was represented by Moon Lim of Marcus & Millichap in Los
Angeles, Calif.
The two-tenant inline building, which was built in 1979, sits on 3.83
acres and features a 27,359-square-foot dd's Discounts and an 11,800-square-foot
Star Gymnastics.
dd's Discounts has been a tenant in the building since 2005. Star
Gymnastics, which has been in business for nearly 25 years in the area,
relocated to Covina Shopping Center in 2017.
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| Bill Asher |
The property is in the heart of
the San Gabriel Valley, approximately 1.5 miles from Interstate
10 (218,000 cars per day), and easily accessible from the Interstate 210,
Interstate 605, and State Route 57 freeways.
“We generated an incredible volume of interest due to the property being
in Los Angeles County and more specifically the San Gabriel Valley,” said
Asher.
“The property was an attractive
investment due to its dense infill location with over 470,000 people located in
a five-mile radius and close proximity to four major freeways -
Interstates 10, 210, 605, and State Route 57 freeways.
"The supply of quality retail assets that come up for sale in the
San Gabriel Valley submarket is limited from year to year. When they become
available, they are followed by a tremendous amount of demand, multiple offers,
and top-level pricing.”
Asher notes Ross is a Fortune 500 company and the largest off-price apparel and
home fashion chain in the United States with 1,409 locations in 37 states, the
District of Columbia, and Guam.
The company also operates 213 dd’s DISCOUNTS® in 16 states.
Ross (including dd’s discounts) recently opened 92 stores for a total of
1,627 locations in the US. The goal for Ross is to reach 2,500 total stores in
the future, Asher says.
“The investment being anchored by dd’s Discounts, a tenant at the property for
the past 13 years with a corporate guaranty from parent company Ross Stores,
Inc., was another significant driver to the high level of interest in the
property,” Asher said.
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| Jeff Lefko |
“In a time where we continue to see more big-box retail store closures,
Ross is a tenant that is thriving and looked upon very favorably by retail
investors in today’s market.”
Asher continues, "It continues to be a challenge in today's market for
investors to find quality, stabilized retail investments in ‘A’ locations to
purchase in Los Angeles County.
"We expect that the market for single-tenant and two-tenant assets
in quality locations, especially those leased to name brand tenants that are
internet-resistant and have long-term leases, will remain strong in Southern
California throughout 2018.”
For more information, please contact:
Anne
Monaghan
