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February 25, 2024
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San Diego County Entertainment Center Trades in Deal Worth Around $66 Mil


Vista Village, a 195k sf entertainment-focused neighborhood shopping center in North County San Diego, traded hands in a recent deal. Although the price was not immediately disclosed, we’ve heard the deal was worth around $66 mil, according to industry sources.

Vista Village is located at 235-401 Vista Village Dr, in the city of Vista. Key tenants at the property include Frazier Farms, Cinepolis, Wave Waterpark (not a part of the sale), Pets Plus, Crunch Fitness, and others.

Built in 2003 with a contemporary slant on traditional retail architecture, the property benefits from frontage along Vista Village Dr, one of the trade area’s main arterials, along with immediate access to Hwy 78. With proximity to new multi-family developments located inside Vista Village (41 units at The Vista Creekside apartment homes) and adjacent along Main Street (126 units), Vista Village offers growth and high demand from locals.

Philip D. Voorhees, Jimmy Slusher, Eric Shain and Reg Kobzi with CBRE’s National Retail Partners-West team represented the seller, SITE Centers (formerly DDR), an Ohio-based real estate investment company. The buyer, also represented by the NRP-West team, is CFT Vista LLC, a real estate investment firm based in Las Vegas.

“Seasoned investors covet high-performing, grocery-anchored centers in Southern California coastal markets,” said Voorhees. “The combination of Frazier Farms and Cinepolis provides two ideal anchors for this project. CBRE expects Vista Village will produce marvelous returns for the buyer now and into the future.”

“In addition to growing residential density around the asset, Vista Village offered a blend of traditional and experience-based tenancy alongside a high performing natural grocer, all in strong demand from investors,” said Slusher. “The non-traditional site plan was complemented by a city-owned water park and served by a heavily trafficked light rail, making Vista Village a staple of the surrounding community.”

According to Shain, CBRE’s marketing efforts produced more than 314 confidentiality agreement/offering memoranda distributed and through the team’s “managed bid” offer process, generated multiple offers to purchase the property.

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