Phillips Edison Buys SoCal Shopping Plaza for $26M
The property was 88 percent occupied at the time of its listing last year
By Nick Trombola March 6, 2026 4:11 pm
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One of the country’s largest owners of grocery-anchored plazas has acquired another retail property in Southern California’s Inland Empire region.
Phillips Edison & Company, a retail-focused real estate investment trust, paid about $25.8 million for the shopping center at 312 South California Avenue in West Covina, Calif. Golden East Investors (GEI) sold the 46,786-square-foot property, according to Traded, which first reported the news. The center is just southeast of Pacific Retail Capital Partners‘ Plaza West Covina shopping mall.
JLL’s Daniel Tyner, Gleb Lvovich and Geoff Tranchina arranged the deal on behalf of the seller. The plaza was 88 percent occupied at the time of sale, per JLL. Tenants include Bank of America, California Fish Grill, Urbane Cafe and SchoolsFirst Credit Union.
“Well-located unanchored strip centers throughout the greater Southern California market have continued to perform very well,” Tyner said in a statement. “The demand from institutional, private and 1031 capital remains robust and we expect this to continue, as these well-located assets continue to provide great investment opportunities to the greater market.”
Representatives for Phillips Edison and for GEI did not immediately respond to requests for comment.
High-quality retail space is among the most sought after asset classes these days, particularly in infill Southern California. Significantly larger malls have traded hands in the region for nine figures over the past 12 months, but some smaller shopping centers and grocery-anchored plazas have also sold for princely sums.
In February, Asana Partners paid $151 million for Seacliff Village, a 253,000-square-foot, open-air plaza in Huntington Beach. The deal was the first time that the property had sold since it was developed in the early 2000s. In July, Regency Centers shelled out $357 million for a five-property retail portfolio at the Rancho Mission Viejo master-planned community in Orange County.
Nick Trombola can be reached at ntrombola@commercialobserver.com.
