WEST COVINA, CA. — Phoenix-based Cole Real Estate Investments has acquired Eastland Center, an 805,000-square-foot retail power center in West Covina, for $147 million. The seller is The Westfield Group.

Eastland Center was originally built in 1957 and has been redeveloped twice, in both 1979 and 1997. The mall consists of a two-story main building, which houses the majority of tenants, and is accessible from two sides at grade level. The sale also included a grocery-anchored community shopping center and eight additional buildings that house junior anchors, shop tenants and outparcels.

The property is fully leased and includes more than 100 stores. Anchor tenants include Target, Burlington Coat Factory, Albertson's, Dick's Sporting Goods and Bed Bath & Beyond. The center also features several specialty retailers and restaurant tenants including Dollar Tree, Starbucks Coffee and BJ's Restaurant and Brewhouse. Construction is also under way for another major anchor retailer that has yet to be announced.

Last April, property developer Westfield Group announced it would sell eight non-core shopping centers in the U.S. for $1.1 billion, including Eastland Center. Starwood Capital Group took a 90 percent stake in seven centers, while Eastland was to be sold in a separate transaction.

Westfield Group CEO Peter Lowy said the proceeds from the transactions will initially pay down corporate debt and then be redeployed in higher return redevelopment opportunities in the U.S., including the World Trade Center.

Scott Holmes, senior vice president of acquisitions and multi-tenant retail at Cole, said that because Eastland is in a highly visible location and is fully leased it made for an attractive buying opportunity.

"This is an excellent addition to our growing portfolio," said Scott Holmes, senior vice president of acquisitions and multi-tenant retail at Cole. "Eastland Center is anchored by a great mix of the nation's top retailers including Target, which has 15 years remaining on its lease."

The property is situated on nearly 49 acres along a half-mile frontage adjacent to Interstate 10. More than 230,000 vehicles pass by each day. West Covina is located 20 miles east of downtown Los Angeles within the San Gabriel Valley area. There are currently an estimated 449,536 people and 126,121 households within a five-mile radius of the shopping center, according to data from research company Neilsen Claritas.

Eastdil Secured represented the seller, The Westfield Group, in the transaction.

— Liz Burlingame