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12/29/25
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In a retail trade from a few weeks back, Milan Capital Management acquired Pavilion Shopping Center, a 137.7k sf, grocery-anchored property in Vista, for $30.5 mil, or $221/sf. The fully renovated center is located at 1900-98 Hacienda Dr, along the city’s desirable State Route 78 retail corridor.
The open-air shopping center covers just under 11 acres at the intersection of Hacienda Dr and South Emerald Dr, within Vista's dominant retail node. The area is surrounded by major retailers including Costco, Home Depot, TJ Maxx and Hobby Lobby within a one-mile radius. The center recently underwent extensive capital improvements, including a completely renovated parking lot that was sealed and striped in March 2025.
The 95.3% leased property features a diverse tenant roster of internet-resistant retailers anchored by North Park Produce, a specialty grocer. Other notable tenants include Skechers, Dutch Bros Coffee, Daiso, Biolife Plasma Services and Dunn-Edwards Paints. A newly constructed Dutch Bros drive-through pad building was completed in February 2025, adding traffic to the center.
Pavilion Shopping Center serves an affluent and growing trade area with more than 136,000 residents within three miles averaging household incomes exceeding $131k. The five-mile demographic radius encompasses over 313,000 residents with average household incomes of $132.7k. Additionally, the property benefits from proximity to major employment centers, including Tri-City Medical Center located 1.3 miles away, which serves more than 92,000 patients annually. The medical facility anchors a healthcare corridor that provides consistent daytime population and customer traffic to area retailers.
Gleb Lvovich, Geoff Tranchina and Daniel Tyner with JLL represented the seller, Brixton Capital, in the transaction. Jeff Sause, John Chun and Allie Black, also with JLL, sourced $19.525 mil in acquisition financing for the buyer.
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