Collection of outparcel pads sold to a private investor for $10.67M
JLL Capital Markets closed the sale of the shadow grocery-anchored center in San Diego County
NEWPORT BEACH, Calif., December 14, 2020 – JLL Capital Markets announced today that it has closed the $10.67 million sale of the Shops at Vista Terrace Marketplace, a collection of three separate outparcels fully leased and totaling 15,808 square feet in the San Diego-area community of Vista, California.
JLL marketed the property on behalf of the seller, Black Lion Investment Group and its president, Robert Rivani. A high-net-worth private investor purchased the property in an all-cash transaction.
Shops at Vista Terrace Marketplace is situated on 2.72 acres at 1220, 1260 and 1310 E. Vista Way and adjacent to Vista Terrace Marketplace, a 78,000-square-foot shopping center shadow anchored by a Sprouts Farmers Market. The outparcels were renovated in 2019 and are triple net leased on a long-term basis to a variety of national, service-oriented credit tenants.
The JLL Retail Capital Markets team representing the seller was led by Director Daniel Tyner and Managing Director Gleb Lvovich.
“We were able generate significant interest and multiple offers through the marketing process, which spoke highly to the quality of the real estate and strong national tenant lineup,” Tyner said. “While the market has slowed down due to the pandemic, properties like Vista Terrace Marketplace have continued to capture strong interest from investors, and we expect this trend to continue into 2021.”
“The retail market continues to show signs of strength and bifurcation, with the best assets commanding strong pricing despite the events surrounding COVID-19,” Lvovich added. “Net-leased real estate with a superior credit profile and essential tenancy is as strong as ever.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Black Lion Investment Group
Black Lion Investment Group, led by its president, Robert Rivani, is Los Angeles' premier commercial real estate investment and development firm specializing in repositioning retail and mixed-use properties throughout the United States. Black Lion Investment Group’s team of industry experts is exceptionally talented at capitalizing on investment opportunities with a value-add commercial component. Black Lion Investment Group has been successfully involved in over $100,000,000 in purchases and acquisitions within the past couple of years.