L
ongpoint Partners, a Boston-based real estate private equity firm, acquired the Grand Covina Plaza in the San Gabriel Valley for $25 million on May 16. The 111,975-square-foot grocery-anchored retail center is home to several popular retailers and has an occupancy rate of 89%. Its location in a densely populated area with 180,000 people within three miles makes it an attractive investment opportunity.

    According to Jones Lang LaSalle Inc., the seller's representative, the property's upside potential through lease-up of vacant suites adds to its value. "Grand Covina Plaza generated significant interest resulting in double-digit offer counts and strong overall feedback from the market," said Dan Tyner, managing director at JLL. The firm views grocery-anchored retail centers as a resilient sector that will deliver stable returns despite e-commerce growth.

    The San Gabriel Valley has one of the lowest retail vacancy rates in Greater Los Angeles, at 4.8%, according to JLL's 2025 retail report. In contrast, areas like downtown and West L.A. have higher vacancy rates of 9.4% and 8.1%, respectively. The region is also experiencing slight positive annual rent growth of 0.8%. However, the San Gabriel Valley has seen negative net absorption since the start of the year, indicating a decline in demand.