Retail Insite announces the sale of three pad buildings at Vista Terrace Marketplace in Vista, CA. The pads, comprised of O’Reilly Auto Parts, Dunkin Donuts, AT&T, and Verizon Wireless, were sold for $10,585,000 at a 5.37% CAP Rate. Brian Pyke and Connor Stevens with Retail Insite aided Daniel Tyner and Gleb Lvovich of JLL in the listing effort.
Retail Insite was retained nearly four year ago by Black Lion Investment Group to cast a vision for a dilapidated strip center in north Vista. Over time, the team systematically went to work and focused their efforts on attracting an anchor to the project. In consummating a challenging BTS deal with Sprouts Farmers Market, the snowball was formed and began to move downhill. From there, deals were finalized with Dunkin Donuts, AT&T, Verizon Wireless, Anytime Fitness, Jersey Mike’s, Sport Clips, and others.
“What began as an uphill battle with challenging market and building conditions turned into a really neat project to work on. Vista Terrace Marketplace (VTM) became a case study in creative thinking, shaping a narrative based on the promise of what’s to come, deep diving into mobile and data analytics to support the narrative, and executing the game plan. Black Lion Investment Group was a determined and nimble Landlord Partner and we really enjoyed working with them throughout the entire process – from lease-up to disposition.” said Brian Pyke of Retail Insite.
Black Lion still owns two pads and the back shop building and has retained Retail Insite to finish out the leasing efforts.