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Sprouts Farmers MArket at Vista Terrace Marketplace
Vista Terrace Marketplace will likely see few changes, if any, under new ownership. Courtesy rendering
Cities Community News Region Vista

Investment group sells Vista retail space for $13.3M

VISTA — A swathe of retail space in Vista was successfully sold to new ownership on Tuesday for $13.3 million, according to parties involved in the sale.

The 28,440 square ft. parcel of property sold Tuesday was the fifth and final parcel of the Vista Terrace Marketplace to be sold by the marketplace’s former owners, the ​​Black Lion Investment Group, which has been selling off sections of the development since 2019, according to a press release from the firm.

This last parcel was bought by Crow Holdings, a privately-owned real estate investment management and development firm based in Dallas, Texas.

Under the ownership of Black Lion, the Vista Terrace Marketplace development (with all five parcels totaling 75,000 square ft.) has seen the arrival of a number of new successful chain retailers in recent years, including Sprouts Farmers Market, Jersey Mikes, Verizon, Dunkin’ Donuts, and Sports Clips.

Locals should expect few if any changes to the shopping center under the new ownership, according to Vista economic development director Kevin Ham, who expressed his view that Crow Holdings seems to have purchased the property as a long-term stable investment rather than with any intent to make further developments or improvements.

Ham credited Black Lion with having made significant and needed renovations to the Terrace Marketplace since 2019, giving the site significant value as an asset to the new ownership.

“Most of the developments and improvements here have already been made. Black Lion really improved the value of the center…they invested heavily in this site and built the new Sprouts…now the site is over 90% developed with high-quality tenants and a real active shopping center,” Ham said.

Black Lion has made $40 million from selling off the five parcels of the development to various private entities since it completed renovations on the shopping center in 2019, according to the press release.

In a statement, the firm’s president Robert Rivani, credited these renovations and improvements to existing development as being responsible for the area’s success as a now-thriving retail center.

“​“The success of our Vista Terrace Marketplace investment is emblematic of our broader strategy,” Rivani said. “We modernized the property through renovations and other improvements that added value and attracted internet-resistant tenants on NNN [triple-net] leases. The continued success of this shopping center will generate meaningful NOI [net operating income] for the new owners for the duration of their ownership.”

The Terrace Marketplace property has been a local fixture and a retail center in Vista for nearly 70 years, but had fallen into a state of considerable disrepair when Black Lion originally purchased the site in 2017, according to Ham.

“Before they [Black Lion] purchased the site, it was a haven for some very unsavory elements and graffiti…once they invested the money, time, and energy that they did into the site, it significantly improved properties in the surrounding neighborhoods and the community, and the amount of vehicle and foot traffic in the area has significantly increased,” he said.

Led by Rivani, Black Lion is a privately held commercial real estate investment firm that primarily pursues commercial real estate in South Florida.

Crow Holdings could not be reached in time for comment on this story.

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