WEST COVINA, CALIF. — Waterford Property Co. has acquired Marketplace at the Lakes, a value-add retail property located at 904-907 Lakes Drive in West Covina. CIM Group sold the asset for $18.6 million.
Built in 1994 on seven acres, Marketplace at the Lakes features 95,628 square feet of retail space. At the time of sale, the property was 80 percent occupied by Michaels and Jerome’s Furniture.
In November 2015, Waterford acquired The Lakes, an office campus adjacent to the recently purchased retail center, and repositioned the property into a Class A office project for small to mid-size tenants. The acquisition of Marketplace at the Lakes allows for the possibility to redevelop the retail asset into a multifamily property, which Waterford says offers more opportunities.