Chula Vista's Terra Nova Plaza sells for $30.4 million

Terra Nova Plaza, a fully leased retail property positioned within a premier 301,000-square-foot regional shopping center in Chula Vista, has been sold for $30.4 million, the real estate brokerage JLL announced Tuesday.

JLL represented the seller, a global investment manager, in the transaction. JLL's capital markets team was led by senior managing director Gleb Lvovich, managing director Daniel Tyner and senior managing director Geoff Tranchina.

Located at 390 E. H St., Terra Nova Plaza totals 96,114 square feet. It sits within a high-performing grocery-anchored center that attracts more than 5.3 million annual visits.

Dick's Sporting Goods operates from a 44,477-square-foot space at Terra Nova Plaza, while Floor & Decor occupies 51,637 square feet under long-term leases.

Co-tenants within the larger center include Smart & Final, CVS, Marshalls, Chase Bank, Taco Bell, Jack In the Box, and Shell, creating a diversified tenant mix that serves the affluent residential communities of Terra Nova and Rancho Del Rey, JLL said.

"The combination of long-term lease security, exceptional freeway visibility and proximity to one of the region's most dynamic residential growth corridors made this an extremely compelling opportunity," JLL's Lvovich said. "Chula Vista's retail fundamentals remain strong with limited new supply and continued demand from quality tenants seeking high-traffic locations."

Chula Vista, the second-largest city in San Diego County with a population exceeding 285,000 residents, continues to experience robust economic and demographic growth.

The immediate trade area is characterized by strong household incomes, with the average exceeding $131,000 within a one-mile radius of the retail center and average home values approaching $809,000.

"Infill anchored retail with long-term leases made Terra Nova Plaza a very attractive opportunity for investors today," Tyner said. "National credit tenancy alongside strong demographics of San Diego continues to drive strong demand."

JLL's capital markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group has more than 3,000 capital markets specialists worldwide with offices in nearly 50 countries.