Grocery-anchored retail center near San Diego sells for $13.34M

NEWPORT BEACH, Calif., Dec. 21, 2021 – JLL Capital Markets announced today that it has closed the $13.34 million sale of Vista Terrace Marketplace, a newly renovated, 28,440-square-foot retail strip center shadow anchored by a Sprouts Farmers Market in the San Diego-area community of Vista, California.

JLL marketed the property on behalf of the seller, Black Lion Investment Group. A real estate fund advised by Crow Holdings Capital purchased the asset. This two-part transaction comes one year after the $10.67 million sale of three outparcel pad buildings at Vista Terrace Marketplace in December 2020. JLL represented the seller on both transactions to complete the parcelization strategy for a total consideration of $24 million.

Vista Terrace Marketplace was renovated most recently in 2019 to modernize and improve the property with the new addition of Sprouts Farmers Market. The retail center is 91 percent leased to a variety of national and local e-commerce resistant tenants, including Anytime Fitness, Discovery Preschool, Sports Clips, Jersey Mike’s, Pacific Dental, Upper Crust Pizza and Bombay Cafe. In addition to the Sprouts Farmers Market grocery shadow anchor, outparcel pads occupied by Dunkin’ Donuts, O’Reilly Auto Parts, which JLL brokered as part of the first sale, help drive traffic to the property.

Vista Terrace Marketplace is situated on 2 acres at 1280, 1330 and 1350 E. Vista Way in Vista, a dynamic market 42 miles north of downtown San Diego. This visible, high barriers-to-entry location along the major north-south thoroughfare in Vista is near the intersection of E. Vista Way and E. Bobier Drive, which has daily traffic counts of nearly 47,000 vehicles per day. Additionally, the retail center serves a trade area that includes 95,815 residents earning an average annual household income of more than $95,000 within a three-mile radius.

The JLL Retail Capital Markets team representing the Seller was led by Director Daniel Tyner and Managing Director Gleb Lvovich.

“We continue to see recently redeveloped strip centers with a national tenant roster garner significant attention in the market,” Tyner said. “We are excited to complete the parcelization strategy for the seller and were able to attract institutional capital to acquire the shops portion of the property. We look forward to new ownership further enhancing the center for years to come.”

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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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