News release

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

JLL Capital Markets closed second of the two-part sale of the recently renovated Vista Terrace Marketplace in Vista, Calif.

December 21, 2021

Kimberly Steele

Occupier PR
+1 713 852 3420

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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.   

About JLL

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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 95,000 as of September 30, 2021. 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 is a privately held commercial real estate investment firm led by President Robert Rivani. The firm’s current projects include the development and redevelopment of retail, hospitality, and mixed-use assets in several high-growth markets. Black Lion’s distinctive portfolio includes such high-profile projects as a transformation of the Wynwood Jungle in the coveted Wynwood Arts District, the popular waterfront restaurant Amara at Paraiso, the complete reimagining of the Brickell Bay Boardwalk, and most recently, the introduction of a chic restaurant concept at SLS Lux Brickell. Additionally, Black Lion recently renovated the Crystal Cove Commons luxury mixed-use retail and office center in North Palm Beach. The firm is aggressively pursuing additional real estate investments in South Florida that align with its strategy to deliver top-notch dining, retail and nightlife experiences to the booming South Florida market. For more information about the firm and its portfolio of properties please visit BlackLion.inc