Tova Capital Acquires 18,600-Square-Foot Retail Center in Signal Hill, CA for $6.75 Million.
Los Angeles (June 11, 2024) – Tova Capital in an off-market transaction has acquired East Willow Village, a retail strip center with 18,600 square feet of inline shop and pad space in Signal Hill, CA, for $6.75 million.
East Willow Village is located on a nearly two-acre site at 2201 E. Willow Street in the city’s primary retail corridor. The property benefits from numerous demand drivers including its location near the intersection of Willow and Cherry Avenue, one of the most highly trafficked intersections in the submarket. Approximately 70,000 vehicles pass through the intersection each day, according to a Placer.ai report. Willow Street, considered Signal Hill’s primary east/west arterial, connects Signal Hill to the City of Long Beach, the second largest city in Los Angeles County. The property is also shadow-anchored by one of the top performing Costco and Home Depot stores in the nation.
Tenancy is made up primarily of food, health and wellness, and community-serving retail users. Its largest tenant, Turner’s Outdoorsman anchors the center on a 5,600-square-foot pad. Tenants draw from the 300,000 people who live within a three-mile radius of the property. They also benefit from Signal Hill’s business friendly environment which includes efficient permit processing and no utility user tax, which reduces operating costs.
“We were able to purchase the property, which benefits from excellent cash flow, at an attractive price below replacement,” said Tova Capital CEO Ron Harari. “Given its strong location, excellent retail fundamentals and attractive demographics, we are confident that with some strategic capital improvements we can attract credit worthy regional and national tenants.”
This is Tova’s second retail acquisition in the area in the past 18 months. Tova acquired a 34,500-square-foot freestanding retail property at 205-233 E Anaheim St in Long Beach for $6.2 million in late 2022.
Tova Capital Inc. was represented by the Ally Commercial Real Estate team of Kelly Hawkshaw, Luc Hawkshaw and Eric Mandell.
About Tova Capital
Tova Capital, Inc. is a Los Angeles-based real estate investment and development company focusing on value-add commercial acquisitions in prime Southern California markets. Founded in 2017, the firm seeks investment opportunities to rehabilitate and reposition older industrial, office, multifamily and retail buildings, entitle land for higher and better uses and construct ground up development. Tova manages all aspects of the development process including acquisition, construction, financing and disposition.